Leerink Partners analyst Joori Park has reiterated their bullish stance on LRMR stock, giving a Buy rating on July 8.
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Joori Park’s rating is based on the promising potential of Larimar Therapeutics’ lead candidate, nomlabofusp, in treating Friedreich’s Ataxia (FA). The recent journal publications have reinforced the therapeutic promise of this candidate and highlighted the use of skin frataxin (FXN) concentrations as a novel surrogate endpoint. This development is significant as it could pave the way for an accelerated approval pathway, which is a positive indicator for the company’s future prospects.
Furthermore, the FDA’s openness to consider skin FXN concentrations as a surrogate endpoint for accelerated approval adds another layer of optimism. The relationship between increased skin FXN and relevant tissues, such as the heart and skeletal muscle, supports this potential pathway. Additionally, the FDA’s interest in exploring the correlation between FXN increases and lipid profiles or clinical measures could further bolster the case for using FXN as a surrogate biomarker. These factors combined suggest a favorable outlook for Larimar Therapeutics, justifying the Buy rating.
In another report released on July 8, Citi also reiterated a Buy rating on the stock with a $14.00 price target.