Relmada Therapeutics (NASDAQ:RLMD) Now Covered by Leerink Partners

Leerink Partners started coverage on shares of Relmada Therapeutics (NASDAQ:RLMD) in a research note published on Friday, Marketbeat.com reports. The brokerage issued an outperform rating and a $8.00 price objective on the stock.

RLMD has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Relmada Therapeutics to a “hold” rating in a research note on Saturday, October 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Relmada Therapeutics in a report on Friday, October 31st. Jefferies Financial Group initiated coverage on shares of Relmada Therapeutics in a report on Monday, December 22nd. They issued a “buy” rating and a $9.00 price objective for the company. Finally, Mizuho raised Relmada Therapeutics from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $1.00 to $10.00 in a research report on Wednesday, November 19th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Relmada Therapeutics Stock Performance

RLMD stock opened at $3.90 on Friday. The firm has a 50 day moving average price of $4.23 and a 200-day moving average price of $2.45. Relmada Therapeutics has a 52-week low of $0.24 and a 52-week high of $5.12. The firm has a market capitalization of $285.99 million, a price-to-earnings ratio of -2.17 and a beta of 0.77.

Relmada Therapeutics (NASDAQ:RLMD) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.26). As a group, sell-side analysts forecast that Relmada Therapeutics will post -2.73 earnings per share for the current fiscal year.

Insider Activity at Relmada Therapeutics

In related 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 bought at an average price of $2.20 per share, for a total transaction of $198,000.00. Following the completion of the acquisition, the chief operating officer owned 502,295 shares of the company’s stock, valued at $1,105,049. This trade represents a 21.83% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Maged Shenouda bought 500,000 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were bought at an average price of $2.20 per share, with a total value of $1,100,000.00. Following the completion of the purchase, the chief financial officer owned 788,335 shares in the company, valued at approximately $1,734,337. The trade was a 173.41% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 737,665 shares of company stock worth $1,645,260 over the last quarter. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Boothbay Fund Management LLC purchased a new stake in shares of Relmada Therapeutics during the 3rd quarter valued at about $1,393,000. Corient Private Wealth LLC bought a new stake in Relmada Therapeutics during the second quarter valued at approximately $120,000. Marshall Wace LLP purchased a new stake in Relmada Therapeutics during the second quarter valued at approximately $93,000. Goldman Sachs Group Inc. bought a new position in Relmada Therapeutics in the first quarter worth approximately $33,000. Finally, AdvisorShares Investments LLC boosted its stake in shares of Relmada Therapeutics by 43.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 396,514 shares of the company’s stock worth $238,000 after acquiring an additional 120,000 shares during the last quarter. 45.24% of the stock is owned by hedge funds and other institutional investors.

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.