Larimar Therapeutics should be bought on weakness, says Citi

Citi says a share overhang has been removed after Larimar Therapeutics (LRMR) announced it has received FDA alignment on an accelerated approval pathway for nomlabofusp in Friedreich’s ataxia. The news removes a key overhang and reinforces Citi’s view of favorable risk/reward for the shares, which are trading well below cash, the analyst tells investors in a research note. The firm would be buyers on the post-earnings weakness and keeps a Buy rating on the name with a $14 price target