Spruce Street Capital LP Buys Shares of 4,086,181 Relmada Therapeutics, Inc. $RLMD

Spruce Street Capital LP bought a new stake in Relmada Therapeutics, Inc. (NASDAQ:RLMD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,086,181 shares of the company’s stock, valued at approximately $19,736,000. Relmada Therapeutics makes up 6.5% of Spruce Street Capital LP’s holdings, making the stock its 4th largest position. Spruce Street Capital LP owned 5.57% of Relmada Therapeutics at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RLMD. Marshall Wace LLP boosted its position in Relmada Therapeutics by 1,072.4% in the fourth quarter. Marshall Wace LLP now owns 3,189,662 shares of the company’s stock valued at $15,406,000 after buying an additional 2,917,609 shares in the last quarter. Boothbay Fund Management LLC acquired a new stake in Relmada Therapeutics in the third quarter valued at approximately $1,393,000. Geode Capital Management LLC boosted its position in Relmada Therapeutics by 188.6% in the fourth quarter. Geode Capital Management LLC now owns 854,932 shares of the company’s stock valued at $4,131,000 after buying an additional 558,717 shares in the last quarter. State Street Corp boosted its position in Relmada Therapeutics by 215.1% in the fourth quarter. State Street Corp now owns 320,820 shares of the company’s stock valued at $1,550,000 after buying an additional 219,000 shares in the last quarter. Finally, Corient Private Wealth LLC acquired a new stake in Relmada Therapeutics in the second quarter valued at approximately $120,000. Institutional investors and hedge funds own 45.24% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Lucid Cap Mkts upgraded shares of Relmada Therapeutics to a “strong-buy” rating in a report on Monday, March 2nd. Mizuho lifted their price target on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Finally, Piper Sandler assumed coverage on shares of Relmada Therapeutics in a report on Tuesday, March 24th. They set an “overweight” rating and a $12.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Relmada Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $12.00.

Relmada Therapeutics Stock Performance

Shares of NASDAQ:RLMD opened at $6.37 on Tuesday. The firm has a market cap of $668.15 million, a PE ratio of -5.84 and a beta of 0.39. The firm’s fifty day moving average is $7.02 and its 200-day moving average is $5.48. Relmada Therapeutics, Inc. has a 52 week low of $0.52 and a 52 week high of $8.00.

Relmada Therapeutics (NASDAQ:RLMD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.04). Sell-side analysts forecast that Relmada Therapeutics, Inc. will post -0.75 EPS for the current year.

Relmada Therapeutics Company Profile

Relmada Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies for pain and other central nervous system (CNS) disorders. The company applies a proprietary stereochemical approach to optimized drug candidates, aiming to improve safety, tolerability and efficacy profiles compared with existing treatments. Relmada’s research efforts center on modulation of NMDA receptors to address unmet needs in depression, neuropathic pain and related indications.

Relmada’s lead product candidate, REL-1017 (d-methadone), is being evaluated as a potential rapid-acting and maintenance treatment for major depressive disorder, with clinical studies underway to assess its utility in both acute and long-term settings.