Relmada Therapeutics (NASDAQ:RLMD) Stock Rating Upgraded by Leerink Partners

Relmada Therapeutics (NASDAQ:RLMD) was upgraded by Leerink Partners from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $8.00 target price on the stock. Leerink Partners’ price target would suggest a potential upside of 105.13% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Wall Street Zen raised shares of Relmada Therapeutics to a “hold” rating in a research report on Saturday, October 11th. Weiss Ratings restated 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 research report on Monday, December 22nd. They issued a “buy” rating and a $9.00 price target for the company. Finally, Mizuho raised shares of Relmada Therapeutics from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $1.00 to $10.00 in a report on Wednesday, November 19th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Relmada Therapeutics Stock Down 1.5%

NASDAQ RLMD opened at $3.90 on Friday. The company has a fifty day moving average of $4.23 and a two-hundred day moving average of $2.46. The firm has a market capitalization of $286.00 million, a price-to-earnings ratio of -2.17 and a beta of 0.77. Relmada Therapeutics has a 52 week low of $0.24 and a 52 week high of $5.12.

Relmada Therapeutics (NASDAQ:RLMD) last announced its 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). Equities research analysts anticipate that Relmada Therapeutics will post -2.73 EPS for the current year.

Insider Buying and Selling

In other news, COO Chuck Ence bought 136,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was bought at an average price of $2.20 per share, with a total value of $299,200.00. Following the completion of the transaction, the chief operating officer directly owned 403,931 shares of the company’s stock, valued at approximately $888,648.20. The trade was a 50.76% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Paul Edward Kelly purchased 90,000 shares of the business’s stock in a transaction on Wednesday, November 5th. The stock was purchased at an average cost of $2.20 per share, for a total transaction of $198,000.00. Following the completion of the acquisition, the chief operating officer directly owned 502,295 shares of the company’s stock, valued at approximately $1,105,049. The trade was a 21.83% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 737,665 shares of company stock worth $1,645,260 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Relmada Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Boothbay Fund Management LLC acquired a new stake in Relmada Therapeutics in the third quarter worth about $1,393,000. AdvisorShares Investments LLC boosted its stake in Relmada Therapeutics by 1.8% in the 3rd quarter. AdvisorShares Investments LLC now owns 403,488 shares of the company’s stock worth $811,000 after purchasing an additional 6,974 shares in the last quarter. Parsons Capital Management Inc. RI grew its position in Relmada Therapeutics by 61.0% during the 4th quarter. Parsons Capital Management Inc. RI now owns 263,000 shares of the company’s stock worth $1,270,000 after purchasing an additional 99,664 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in Relmada Therapeutics during the 2nd quarter worth approximately $120,000. Finally, Two Sigma Investments LP increased its stake in Relmada Therapeutics by 82.0% during the 3rd quarter. Two Sigma Investments LP now owns 173,614 shares of the company’s stock valued at $349,000 after purchasing an additional 78,197 shares in the last quarter. 45.24% of the stock is currently owned by hedge funds and other institutional investors.

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.