Relmada Therapeutics (NASDAQ:RLMD) Trading Up 6.9% – Here’s Why

Relmada Therapeutics, Inc. (NASDAQ:RLMD) traded up 6.9% on Thursday . The company traded as high as $4.47 and last traded at $4.36. Approximately 1,939,623 shares were traded during mid-day trading, an increase of 257% from the average session volume of 543,317 shares. The stock had previously closed at $4.08.

Wall Street Analyst Weigh In

RLMD has been the topic of a number of recent research reports. Mizuho raised shares of Relmada Therapeutics from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $1.00 to $10.00 in a research report on Wednesday, November 19th. Leerink Partners raised shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target on the stock in a research note on Friday, January 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Relmada Therapeutics in a report on Wednesday, January 28th. Zacks Research raised shares of Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Finally, Jefferies Financial Group started coverage on Relmada Therapeutics in a research report on Monday, December 22nd. They set a “buy” rating and a $9.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Relmada Therapeutics currently has an average rating of “Hold” and an average target price of $9.00.

Relmada Therapeutics Stock Performance

The business’s 50 day moving average price is $4.11 and its 200-day moving average price is $2.88. The firm has a market cap of $319.72 million, a price-to-earnings ratio of -2.42 and a beta of 0.76.

Insider Buying and Selling

In other Relmada Therapeutics news, CFO Maged Shenouda purchased 11,665 shares of Relmada Therapeutics stock in a transaction dated Monday, December 15th. The shares were bought at an average cost of $4.12 per share, for a total transaction of $48,059.80. Following the transaction, the chief financial officer owned 800,000 shares in the company, valued at $3,296,000. This represents a 1.48% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relmada Therapeutics

A number of large investors have recently bought and sold shares of RLMD. Schonfeld Strategic Advisors LLC acquired a new position in Relmada Therapeutics in the fourth quarter valued at approximately $64,000. Jefferies Financial Group Inc. acquired a new position in Relmada Therapeutics during the 4th quarter valued at approximately $105,000. Graham Capital Management L.P. acquired a new position in Relmada Therapeutics during the 4th quarter valued at approximately $124,000. Hudson Bay Capital Management LP bought a new position in Relmada Therapeutics during the 4th quarter worth $127,000. Finally, Mangrove Partners IM LLC acquired a new stake in Relmada Therapeutics in the fourth quarter worth $132,000. Institutional investors 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.