Relmada Therapeutics (NASDAQ:RLMD) Shares Down 10.5% – Here’s What Happened

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD) traded down 10.5% during mid-day trading on Thursday . The stock traded as low as $5.52 and last traded at $5.5550. Approximately 1,242,023 shares were traded during mid-day trading, a decline of 20% from the average session volume of 1,552,757 shares. The stock had previously closed at $6.21.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RLMD shares. Piper Sandler began coverage on shares of Relmada Therapeutics in a research note on Tuesday, March 24th. They set an “overweight” rating and a $12.00 target price for the company. HC Wainwright started coverage on Relmada Therapeutics in a report on Thursday, June 18th. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Relmada Therapeutics in a research note on Thursday, June 18th. Finally, Mizuho increased their price objective 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 research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.00.

Relmada Therapeutics Stock Performance

The stock has a market cap of $576.79 million, a P/E ratio of -5.05 and a beta of 0.41. The business’s 50-day moving average price is $6.71 and its 200-day moving average price is $5.83.

Relmada Therapeutics (NASDAQ:RLMD) last announced its 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). As a group, equities research analysts expect that Relmada Therapeutics, Inc. will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. State of Wyoming purchased a new position in Relmada Therapeutics during the first quarter valued at approximately $88,000. Keebeck Wealth Management purchased a new stake in shares of Relmada Therapeutics in the first quarter worth $90,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Relmada Therapeutics during the 4th quarter valued at $64,000. Renaissance Technologies LLC raised its position in shares of Relmada Therapeutics by 9.0% during the 4th quarter. Renaissance Technologies LLC now owns 185,000 shares of the company’s stock valued at $894,000 after purchasing an additional 15,300 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Relmada Therapeutics during the 4th quarter valued at $85,000. Institutional investors own 45.24% of the company’s stock.

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.