H.C. Wainwright Reiterates Buy Rating on Larimar Therapeutics (LRMR)

H.C. Wainwright analyst Edward White reiterated a Buy rating and $15.00 price target on Larimar Therapeutics (NASDAQ: LRMR).

The analyst commented: "Larimar reported positive initial data from its ongoing long-term open label extension (OLE) study of nomlabofusp for Friedreich’s ataxia (FA) on December 16. Nomlabofusp is a subcutaneously administered, recombinant fusion protein intended to deliver tissue frataxin to the mitochondria of patients with FA. Nomlabofusp has the potential to be the first therapy to address frataxin deficiency, which is the root cause of disease in FA. Nomlabofusp previously received Rare Pediatric Disease Designation, Fast Track Designation, and Orphan Drug Designation from the FDA. Nomlabofusp was selected to be in the START pilot program by the FDA. Nomlabofusp was also granted Orphan Drug Designation by the European Commission and PRIME designation by the EMA. The company’s OLE study is evaluating the long-term safety and tolerability, pharmacokinetics (PK), and frataxin levels in peripheral tissues following treatment with nomlabofusp. As of the data cutoff, there were 14 adults included with a mean exposure of 99 days and up to 260 days of treatment; more than 50% of these patients were non-ambulatory. Larimar reported that daily subcutaneous injections of 25mg nomlabofusp increased and maintained tissue frataxin levels over time. Frataxin levels displayed a mean change from baseline of 1.32pg/µg in buccal cells and 9.28pg/µg in skin cells at Day 90. Tissue frataxin levels were maintained over time, increasing from a mean level of 15% of healthy volunteer levels at baseline to 30% in buccal cells and from 16% of healthy volunteer levels at baseline to 72% in skin cells at day 90. We forecast a commercial launch of nomlabofusp in 2026 with sales of $6M that year, growing to $356M by 2030. Reiterate Buy rating and $15 PT."

For an analyst ratings summary and ratings history on Larimar Therapeutics click here. For more ratings news on Larimar Therapeutics click here.

Shares of Larimar Therapeutics closed at $4.83 yesterday.

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