Relmada Therapeutics, Inc. (NASDAQ:RLMD) Sees Significant Growth in Short Interest

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 10,647,441 shares, a growth of 75.7% from the June 15th total of 6,060,018 shares. Currently, 11.9% of the company’s shares are sold short. Based on an average daily trading volume, of 3,471,338 shares, the short-interest ratio is presently 3.1 days.

Relmada Therapeutics Stock Performance

RLMD stock opened at $5.24 on Friday. The stock’s 50 day simple moving average is $6.63 and its 200 day simple moving average is $5.83. The company has a market cap of $549.62 million, a P/E ratio of -4.81 and a beta of 0.41. Relmada Therapeutics has a fifty-two week low of $0.55 and a fifty-two week high of $8.00.

Relmada Therapeutics (NASDAQ:RLMD) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.04). Equities analysts predict that Relmada Therapeutics will post -0.82 earnings per share for the current year.

Institutional Trading of Relmada Therapeutics

Hedge funds have recently bought and sold shares of the business. State of Wyoming bought a new stake in Relmada Therapeutics during the 1st quarter valued at $88,000. Keebeck Wealth Management bought a new position in shares of Relmada Therapeutics in the first quarter valued at $90,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Relmada Therapeutics during the fourth quarter valued at about $64,000. Virtu Financial LLC acquired a new position in shares of Relmada Therapeutics during the fourth quarter valued at about $85,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Relmada Therapeutics during the fourth quarter worth about $105,000. Institutional investors and hedge funds own 45.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RLMD shares. 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 objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Relmada Therapeutics in a research note on Thursday, June 18th. Finally, HC Wainwright began coverage on shares of Relmada Therapeutics in a report on Thursday, June 18th. They issued a “buy” rating and a $12.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

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.