Why Is Inherited Rare Disease Focused-Larimar Therapeutics Stock Trading Lower Today?
Portfolio Pulse from Vandana Singh
Larimar Therapeutics Inc (NASDAQ:LRMR) reported topline data from its Phase 2 study of nomlabofusp for Friedreich’s ataxia, showing dose-dependent increases in frataxin levels. Despite positive data, LRMR shares dropped 9.73% to $7.01. The company plans to discuss using tissue frataxin levels as a surrogate endpoint with the FDA for accelerated approval and has sufficient funds until Q1 2025.
February 12, 2024 | 4:06 pm
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NEGATIVE IMPACT
Larimar Therapeutics reported positive Phase 2 data for nomlabofusp in Friedreich’s ataxia, but shares fell 9.73% to $7.01. The company is in a strong financial position with plans for FDA discussions.
The drop in LRMR's stock price despite positive trial results could be due to market expectations or other external factors not detailed in the article. The company's financial stability and ongoing discussions with the FDA for accelerated approval are positive, but the immediate market reaction was negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100