Relmada Therapeutics (NASDAQ:RLMD) Posts Quarterly Earnings Results, Misses Expectations By $0.26 EPS

Relmada Therapeutics (NASDAQ:RLMD) announced its quarterly earnings data on Thursday. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.26), FiscalAI reports.

Relmada Therapeutics Price Performance

Shares of NASDAQ:RLMD traded down $0.03 during mid-day trading on Thursday, reaching $3.88. 1,158,428 shares of the company traded hands, compared to its average volume of 1,182,762. The company’s 50 day moving average price is $2.09 and its 200-day moving average price is $1.14. The firm has a market cap of $128.78 million, a PE ratio of -1.75 and a beta of 0.87. Relmada Therapeutics has a 52 week low of $0.24 and a 52 week high of $4.28.

Insiders Place Their Bets

In other news, CFO Maged Shenouda acquired 500,000 shares of Relmada Therapeutics stock in a transaction dated Wednesday, November 5th. The stock was purchased at an average cost of $2.20 per share, with a total value of $1,100,000.00. Following the completion of the purchase, the chief financial officer directly owned 788,335 shares in the company, valued at approximately $1,734,337. This trade represents a 173.41% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Paul Edward Kelly acquired 90,000 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were purchased at an average price of $2.20 per share, for a total transaction of $198,000.00. Following the completion of the transaction, the chief operating officer directly owned 502,295 shares in the company, valued at approximately $1,105,049. This trade represents a 21.83% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 726,000 shares of company stock worth $1,597,200 over the last three months. 20.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RLMD. Corient Private Wealth LLC purchased a new stake in Relmada Therapeutics during the 2nd quarter valued at approximately $120,000. LMR Partners LLP purchased a new position in Relmada Therapeutics during the second quarter valued at $33,000. Jane Street Group LLC bought a new stake in Relmada Therapeutics in the 2nd quarter valued at $69,000. Marshall Wace LLP purchased a new stake in Relmada Therapeutics in the 2nd quarter worth $93,000. Finally, XTX Topco Ltd bought a new position in shares of Relmada Therapeutics during the 2nd quarter valued at about $28,000. 45.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLMD has been the topic of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Relmada Therapeutics in a report on Friday, October 31st. Wall Street Zen raised Relmada Therapeutics to a “hold” rating in a research report on Saturday, October 11th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $1.00.

Relmada Therapeutics Company Profile

Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system diseases (CNS) and other disorders in the United States. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a N-methyl-D-aspartate receptor antagonist which is in phase 3 clinical trial for the adjunctive or monotherapy treatment of major depressive disorder.