Short Interest in Relmada Therapeutics, Inc. (NASDAQ:RLMD) Decreases By 24.8%

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the target of a significant drop in short interest in February. As of February 27th, there was short interest totaling 836,254 shares, a drop of 24.8% from the February 12th total of 1,111,415 shares. Based on an average daily trading volume, of 658,665 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.4% of the shares of the stock are short sold. Currently, 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 658,665 shares, the days-to-cover ratio is currently 1.3 days.

Relmada Therapeutics Trading Up 4.7%

Shares of NASDAQ:RLMD traded up $0.28 during trading on Monday, hitting $6.19. 974,495 shares of the company’s stock traded hands, compared to its average volume of 1,564,700. Relmada Therapeutics has a 52 week low of $0.24 and a 52 week high of $7.51. The company has a 50-day moving average price of $4.31 and a 200-day moving average price of $3.42. The company has a market cap of $453.91 million, a price-to-earnings ratio of -3.44 and a beta of 0.72.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Leerink Partners raised Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 target price on the stock in a research report on Friday, January 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Jefferies Financial Group initiated coverage on shares of Relmada Therapeutics in a report on Monday, December 22nd. They set a “buy” rating and a $9.00 price target on the stock. Mizuho set a $10.00 price target on Relmada Therapeutics in a report on Friday. Finally, Lucid Cap Mkts raised Relmada Therapeutics to a “strong-buy” rating in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RLMD. XTX Topco Ltd acquired a new stake in Relmada Therapeutics during the 2nd quarter valued at $28,000. Goldman Sachs Group Inc. acquired a new stake in Relmada Therapeutics during the 1st quarter worth approximately $33,000. LMR Partners LLP acquired a new stake in Relmada Therapeutics during the 2nd quarter worth approximately $33,000. Schonfeld Strategic Advisors LLC bought a new stake in Relmada Therapeutics in the 4th quarter valued at $64,000. Finally, Jane Street Group LLC bought a new stake in Relmada Therapeutics in the 2nd quarter valued at $69,000. 45.24% of the stock is owned by institutional investors and hedge funds.

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.