Analyst Jonathan Wolleben of JMP Securities reiterated a Buy rating on Larimar Therapeutics (LRMR – Research Report), retaining the price target of $21.00.
Jonathan Wolleben has given his Buy rating due to a combination of factors that highlight Larimar Therapeutics’ promising prospects. The FDA’s openness to using skin frataxin levels as a surrogate endpoint for nomlabofusp’s accelerated approval significantly reduces the risk associated with the drug’s potential approval next year. This development is particularly encouraging given the observed frataxin increases at the 25 mg dose, and the anticipation of long-term data for the 50 mg dose in September.
Additionally, despite a slight delay in data and the introduction of a protocol amendment to mitigate anaphylaxis risk, the company’s strong cash position of $184 million is expected to provide financial stability into the second quarter of 2026. This financial runway will support key milestones, including the September data update, the start of the pivotal confirmatory trial, and the BLA submission. Wolleben views the agreement on skin frataxin as a surrogate endpoint as a fundamentally important update, reinforcing his positive outlook on the stock.