Relmada Therapeutics (NASDAQ:RLMD) Upgraded at Zacks Research

Zacks Research upgraded shares of Relmada Therapeutics (NASDAQ:RLMD) to a hold rating in a report published on Tuesday,Zacks.com reports.

A number of other brokerages also recently commented on RLMD. Mizuho upgraded Relmada Therapeutics from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $1.00 to $10.00 in a research note on Wednesday, November 19th. Leerink Partners raised Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target for the company in a research note on Friday, January 23rd. Jefferies Financial Group assumed coverage on shares of Relmada Therapeutics in a research report on Monday, December 22nd. They set a “buy” rating and a $9.00 price objective on the stock. Wall Street Zen upgraded shares of Relmada Therapeutics to a “hold” rating in a research note on Saturday, October 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Friday, October 31st. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.00.

Relmada Therapeutics Stock Performance

Shares of RLMD opened at $3.91 on Tuesday. The company has a market capitalization of $286.72 million, a PE ratio of -2.17 and a beta of 0.77. The company’s 50 day moving average price is $4.21 and its 200 day moving average price is $2.54. Relmada Therapeutics has a 52 week low of $0.24 and a 52 week high of $5.12.

Relmada Therapeutics (NASDAQ:RLMD) last released its earnings results on Thursday, November 13th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.26). On average, equities analysts forecast that Relmada Therapeutics will post -2.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Paul Edward Kelly bought 90,000 shares of the company’s stock in a transaction that occurred on 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 acquisition, the chief operating officer directly owned 502,295 shares of the company’s stock, valued at $1,105,049. The trade was a 21.83% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Chuck Ence purchased 136,000 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were purchased at an average price of $2.20 per share, with a total value of $299,200.00. Following the completion of the acquisition, the chief operating officer directly owned 403,931 shares of the company’s stock, valued at approximately $888,648.20. This trade represents a 50.76% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 737,665 shares of company stock valued at $1,645,260. Company insiders own 20.70% of the company’s stock.

Institutional Trading of Relmada Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Boothbay Fund Management LLC acquired a new position in shares of Relmada Therapeutics during the third quarter worth approximately $1,393,000. AdvisorShares Investments LLC grew its stake in shares of Relmada Therapeutics by 1.8% in the third quarter. AdvisorShares Investments LLC now owns 403,488 shares of the company’s stock worth $811,000 after acquiring an additional 6,974 shares during the last quarter. Parsons Capital Management Inc. RI increased its position in Relmada Therapeutics by 61.0% during the fourth quarter. Parsons Capital Management Inc. RI now owns 263,000 shares of the company’s stock worth $1,270,000 after acquiring an additional 99,664 shares during the period. Corient Private Wealth LLC acquired a new position in Relmada Therapeutics during the 2nd quarter valued at $120,000. Finally, Two Sigma Investments LP boosted its holdings in Relmada Therapeutics by 82.0% in the 3rd quarter. Two Sigma Investments LP now owns 173,614 shares of the company’s stock valued at $349,000 after purchasing an additional 78,197 shares during the period. Institutional investors and hedge funds 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.