Relmada Therapeutics (NASDAQ:RLMD) Trading Down 9.9% – Here’s What Happened

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD) fell 9.9% during trading on Monday . The stock traded as low as $6.25 and last traded at $6.2160. 1,582,384 shares were traded during mid-day trading, an increase of 11% from the average session volume of 1,422,374 shares. The stock had previously closed at $6.90.

Analyst Ratings Changes

Several brokerages have commented on RLMD. Leerink Partners upgraded shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target on the stock in a research note on Friday, January 23rd. Zacks Research upgraded shares of Relmada Therapeutics to a “hold” rating in a research note on Tuesday, January 27th. Piper Sandler began coverage on shares of Relmada Therapeutics in a research note on Tuesday, March 24th. They issued an “overweight” rating and a $12.00 price target on the stock. Lucid Cap Mkts upgraded shares of Relmada Therapeutics to a “strong-buy” rating in a research note on Monday, March 2nd. Finally, Mizuho boosted their price target on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Relmada Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Relmada Therapeutics Trading Up 2.0%

The firm’s 50-day moving average price is $6.92 and its 200-day moving average price is $5.04. The stock has a market capitalization of $752.06 million, a PE ratio of -6.58 and a beta of 0.43.

Relmada Therapeutics (NASDAQ:RLMD) last announced its earnings results on Tuesday, May 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.04). On average, equities research analysts predict that Relmada Therapeutics, Inc. will post -0.76 earnings per share for the current fiscal year.

Institutional Trading of Relmada Therapeutics

Hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC grew its stake in Relmada Therapeutics by 52.2% in the 1st quarter. Janus Henderson Group PLC now owns 11,063,862 shares of the company’s stock worth $76,892,000 after acquiring an additional 3,793,862 shares in the last quarter. Squadron Capital Management LLC bought a new position in Relmada Therapeutics in the 4th quarter worth about $32,361,000. Spruce Street Capital LP grew its stake in Relmada Therapeutics by 53.3% in the 1st quarter. Spruce Street Capital LP now owns 6,262,114 shares of the company’s stock worth $42,998,000 after acquiring an additional 2,175,933 shares in the last quarter. Orbimed Advisors LLC grew its stake in Relmada Therapeutics by 80.6% in the 1st quarter. Orbimed Advisors LLC now owns 4,715,864 shares of the company’s stock worth $32,822,000 after acquiring an additional 2,105,264 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in Relmada Therapeutics in the 4th quarter worth about $20,624,000. 45.24% of the stock is currently owned by hedge funds and other institutional investors.

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.