Relmada Therapeutics, Inc. (NASDAQ:RLMD) Short Interest Update

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 10,647,441 shares, an increase of 75.7% from the June 15th total of 6,060,018 shares. Approximately 11.9% of the company’s shares are sold short. Based on an average trading volume of 3,471,338 shares, the short-interest ratio is presently 3.1 days.

Institutional Trading of Relmada Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC bought a new stake in Relmada Therapeutics during the 4th quarter valued at approximately $35,041,000. Squadron Capital Management LLC bought a new position in shares of Relmada Therapeutics in the 4th quarter worth approximately $32,361,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Relmada Therapeutics in the 4th quarter valued at approximately $20,624,000. Spruce Street Capital LP bought a new stake in shares of Relmada Therapeutics during the fourth quarter valued at approximately $19,736,000. Finally, Marshall Wace LLP boosted its position in shares of Relmada Therapeutics by 1,072.4% during the fourth quarter. Marshall Wace LLP now owns 3,189,662 shares of the company’s stock valued at $15,406,000 after purchasing an additional 2,917,609 shares in the last quarter. 45.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Piper Sandler initiated coverage on shares of Relmada Therapeutics in a report on Tuesday, March 24th. They set an “overweight” rating and a $12.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Relmada Therapeutics in a report on Thursday, June 18th. Mizuho upped their price target on Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Finally, HC Wainwright assumed coverage on Relmada Therapeutics in a report on Thursday, June 18th. They issued a “buy” rating and a $12.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.00.

Relmada Therapeutics Price Performance

NASDAQ:RLMD traded down $0.22 during trading hours on Friday, hitting $5.24. The company had a trading volume of 3,236,470 shares, compared to its average volume of 2,255,831. The stock has a 50-day moving average price of $6.63 and a 200 day moving average price of $5.83. The company has a market capitalization of $549.62 million, a PE ratio of -4.81 and a beta of 0.41. Relmada Therapeutics has a 52 week low of $0.55 and a 52 week high of $8.00.

Relmada Therapeutics (NASDAQ:RLMD) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.04). Analysts anticipate that Relmada Therapeutics will post -0.82 EPS for the current fiscal year.

About Relmada Therapeutics

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.