Relmada Therapeutics (NASDAQ:RLMD) Trading Down 4.3% – Here’s What Happened
by Teresa Graham · The Cerbat GemRelmada Therapeutics, Inc. (NASDAQ:RLMD – Get Free Report)’s stock price was down 4.3% during trading on Thursday . The company traded as low as $6.81 and last traded at $6.87. Approximately 423,372 shares were traded during trading, a decline of 72% from the average daily volume of 1,488,308 shares. The stock had previously closed at $7.18.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on RLMD shares. Zacks Research upgraded shares of Relmada Therapeutics to a “hold” rating in a research note on Tuesday, January 27th. Piper Sandler started coverage on shares of Relmada Therapeutics in a research note on Tuesday, March 24th. They issued an “overweight” rating and a $12.00 price objective for the company. Mizuho upped their price objective 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. Weiss Ratings restated a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Wednesday, January 28th. Finally, Jefferies Financial Group started coverage on shares of Relmada Therapeutics in a research note on Monday, December 22nd. They issued a “buy” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.00.
View Our Latest Stock Analysis on RLMD
Relmada Therapeutics Price Performance
The firm has a market cap of $733.18 million, a price-to-earnings ratio of -4.82 and a beta of 0.44. The firm’s 50 day moving average price is $5.58 and its two-hundred day moving average price is $4.24.
Relmada Therapeutics (NASDAQ:RLMD – Get Free Report) last announced its earnings results on Thursday, March 19th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.13). On average, analysts anticipate that Relmada Therapeutics, Inc. will post -2.73 earnings per share for the current year.
Institutional Investors Weigh In On Relmada Therapeutics
A number of hedge funds have recently added to or reduced their stakes in RLMD. Janus Henderson Group PLC acquired a new stake in Relmada Therapeutics in the fourth quarter valued at about $35,041,000. Squadron Capital Management LLC acquired a new stake in Relmada Therapeutics in the fourth quarter valued at about $32,361,000. Adage Capital Partners GP L.L.C. acquired a new stake in Relmada Therapeutics in the fourth quarter valued at about $20,624,000. Spruce Street Capital LP acquired a new stake in Relmada Therapeutics in the fourth quarter valued at about $19,736,000. Finally, Marshall Wace LLP lifted its position in Relmada Therapeutics by 1,072.4% in 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 during the period. Institutional investors and hedge funds 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.