Analyst Edward White of H.C. Wainwright reiterated a Buy rating on Larimar Therapeutics (LRMR – Research Report), boosting the price target to $16.00.
Edward White has given his Buy rating due to a combination of factors surrounding Larimar Therapeutics’ promising developments with their drug candidate, Nomlabofusp. The drug is designed to address frataxin deficiency, the primary cause of Friedreich’s ataxia (FA), a rare and progressive neurodegenerative disorder. Currently, there is no cure for FA, and the only FDA-approved treatment does not target frataxin deficiency, highlighting the potential significance of Nomlabofusp.
Nomlabofusp has received multiple designations from the FDA, including Rare Pediatric Disease, Fast Track, and Orphan Drug, and is part of the START pilot program. The company plans to submit a Biologics License Application (BLA) for accelerated approval by the end of 2025, using skin frataxin concentration as a novel surrogate endpoint. This approach has been discussed with the FDA, which has shown openness to considering it for accelerated approval. Additionally, a Phase 3 trial is set to begin in mid-2025, further supporting the potential for Nomlabofusp’s success and contributing to the positive outlook for Larimar Therapeutics.
LRMR’s price has also changed dramatically for the past six months – from $6.340 to $2.310, which is a -63.56% drop .