Relmada Therapeutics (NASDAQ:RLMD) Trading Up 7.6% – Here’s What Happened

Relmada Therapeutics, Inc. (NASDAQ:RLMD) shot up 7.6% during mid-day trading on Tuesday . The company traded as high as $6.81 and last traded at $6.8250. 330,362 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,419,127 shares. The stock had previously closed at $6.34.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RLMD. Leerink Partners raised shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target for the company in a research report on Friday, January 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Wednesday, January 28th. Piper Sandler assumed coverage on shares of Relmada Therapeutics in a research note on Tuesday, March 24th. They issued an “overweight” rating and a $12.00 target price for the company. Zacks Research upgraded shares of Relmada Therapeutics to a “hold” rating in a research note on Tuesday, January 27th. Finally, Mizuho lifted their target price on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the company 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 assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Relmada Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

Relmada Therapeutics Stock Up 10.0%

The company has a market cap of $731.61 million, a P/E ratio of -6.37 and a beta of 0.43. The stock’s 50-day moving average price is $6.87 and its 200 day moving average price is $5.01.

Relmada Therapeutics (NASDAQ:RLMD) last released 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). Analysts expect that Relmada Therapeutics, Inc. will post -0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Relmada Therapeutics

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

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.