Relmada Therapeutics, Inc. (NASDAQ:RLMD) Sees Large Increase in Short Interest

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the recipient of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 3,731,201 shares, a growth of 346.2% from the February 26th total of 836,254 shares. Currently, 6.4% of the shares of the company are sold short. Based on an average trading volume of 5,015,092 shares, the days-to-cover ratio is currently 0.7 days. Based on an average trading volume of 5,015,092 shares, the days-to-cover ratio is currently 0.7 days. Currently, 6.4% of the shares of the company are sold short.

Relmada Therapeutics Trading Up 4.1%

Shares of Relmada Therapeutics stock opened at $6.10 on Wednesday. The stock has a market capitalization of $447.31 million, a price-to-earnings ratio of -4.21 and a beta of 0.72. Relmada Therapeutics has a 1-year low of $0.24 and a 1-year high of $7.51. The firm’s 50-day moving average price is $4.58 and its two-hundred day moving average price is $3.66.

Relmada Therapeutics (NASDAQ:RLMD) last posted its earnings results on Thursday, March 19th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.13). As a group, equities research analysts predict that Relmada Therapeutics will post -2.73 EPS for the current year.

Hedge Funds Weigh In On Relmada Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd bought a new stake in shares of Relmada Therapeutics during the second quarter worth $28,000. Goldman Sachs Group Inc. bought a new position in shares of Relmada Therapeutics in the first quarter valued at about $33,000. LMR Partners LLP acquired a new position in Relmada Therapeutics during the 2nd quarter worth about $33,000. Schonfeld Strategic Advisors LLC bought a new stake in Relmada Therapeutics during the 4th quarter worth about $64,000. Finally, Jane Street Group LLC bought a new stake in Relmada Therapeutics during the 2nd quarter worth about $69,000. Institutional investors and hedge funds own 45.24% of the company’s stock.

Wall Street Analysts Forecast Growth

RLMD has been the topic of several research analyst reports. Jefferies Financial Group started coverage on Relmada Therapeutics in a research report on Monday, December 22nd. They issued a “buy” rating and a $9.00 price target on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Relmada Therapeutics in a report on Wednesday, January 28th. Zacks Research raised Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Lucid Cap Mkts raised Relmada Therapeutics to a “strong-buy” rating in a report on Monday, March 2nd. Finally, Leerink Partners raised Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 target price for the company in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Relmada Therapeutics 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.