Relmada Therapeutics (NASDAQ:RLMD) Stock Price Up 6.9% – What’s Next?

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RLMD shares. Mizuho raised shares of Relmada Therapeutics from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $1.00 to $10.00 in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Leerink Partners raised Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target on the stock in a report on Friday, January 23rd. Zacks Research upgraded Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Finally, Jefferies Financial Group initiated coverage on Relmada Therapeutics in a report on Monday, December 22nd. They issued a “buy” rating and a $9.00 price objective for the company. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $9.00.

Relmada Therapeutics Stock Performance

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

Insider Activity at Relmada Therapeutics

In other news, CFO Maged Shenouda bought 11,665 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were purchased at an average price of $4.12 per share, with a total value of $48,059.80. Following the completion of the acquisition, the chief financial officer directly owned 800,000 shares in the company, valued at approximately $3,296,000. This trade represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 20.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Relmada Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new stake in shares of Relmada Therapeutics in the 2nd quarter worth $28,000. Goldman Sachs Group Inc. bought a new position in Relmada Therapeutics during the first quarter valued at about $33,000. LMR Partners LLP acquired a new position in Relmada Therapeutics during the second quarter worth about $33,000. Schonfeld Strategic Advisors LLC bought a new stake in Relmada Therapeutics in the fourth quarter worth about $64,000. Finally, Jane Street Group LLC bought a new stake in Relmada Therapeutics in the second quarter worth about $69,000. 45.24% of the stock is owned by 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.