BUZZ-Larimar Therapeutics slips after $75 mln stock offering commenced

Reuters02-26 05:25
BUZZ-Larimar <a href="https://laohu8.com/S/LENZ">Therapeutics</a> slips after $75 mln stock offering commenced

** Larimar Therapeutics LRMR.O shares down 5.4% at $5.63 in extended trading as it seeks equity raise after seeing its stock more than double in the past two sessions

** LRMR shares finished up 61.2% at $5.95 on Weds following 31% surge on Tues after the U.S. FDA granted 'breakthrough' tag for co's neurological disorder therapy, nomlabofusp

** Bala Cynwyd, Pennsylvania-based firm after the bell commences $75 mln offering comprising shares and pre-funded warrants

** Co intends to use net offering proceeds to support development of nomlabofusp and for working capital and general corporate purposes, including R&D and commercialization expenses

** JP Morgan and Guggenheim joint bookrunners

** Co has ~83 mln shares outstanding for roughly $500 mln market cap, per LSEG

** All 11 analysts are bullish including 7 "strong buy" ratings; median PT $16

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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