Relmada Therapeutics (NASDAQ:RLMD) Stock Falls 0.6% – What’s Next?

Relmada Therapeutics, Inc. (NASDAQ:RLMD) shares traded down 0.6% on Tuesday. The company traded as low as $3.18 and last traded at $3.21. Approximately 1,673,656 shares changed hands during mid-day trading, The stock had previously closed at $3.23.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relmada Therapeutics in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Relmada Therapeutics Trading Up 2.7%

The firm’s fifty day moving average price is $3.89 and its 200-day moving average price is $5.33. The company has a market cap of $366.94 million, a P/E ratio of -3.82 and a beta of 0.51.

Relmada Therapeutics (NASDAQ:RLMD) last released its earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.09. As a group, research analysts forecast that Relmada Therapeutics, Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Maged Shenouda bought 120,200 shares of Relmada Therapeutics stock in a transaction that occurred on Wednesday, September 9th. The stock was purchased at an average cost of $4.20 per share, with a total value of $504,840.00. Following the completion of the transaction, the chief financial officer directly owned 920,200 shares in the company, valued at $3,864,840. This trade represents a 15.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 14.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Relmada Therapeutics

Hedge funds have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new position in shares of Relmada Therapeutics during the second quarter worth approximately $77,316,000. Janus Henderson Group PLC increased its stake in shares of Relmada Therapeutics by 52.2% in the 1st quarter. Janus Henderson Group PLC now owns 11,063,862 shares of the company’s stock valued at $76,892,000 after buying an additional 3,793,862 shares during the period. BlackRock Inc. bought a new stake in Relmada Therapeutics during the 2nd quarter worth about $51,393,000. Spruce Street Capital LP bought a new position in shares of Relmada Therapeutics in the 2nd quarter valued at about $44,227,990. Finally, Orbimed Advisors LLC grew its position in shares of Relmada Therapeutics by 80.6% during the 1st quarter. Orbimed Advisors LLC now owns 4,715,864 shares of the company’s stock worth $32,822,000 after buying an additional 2,105,264 shares during the period. Institutional investors and hedge funds own 45.24% of the company’s stock.

About Relmada Therapeutics

Relmada Therapeutics, Inc is a clinical-stage biotechnology company focused on developing therapies for central nervous system disorders. The company’s research has primarily targeted conditions with significant unmet medical needs, including major depressive disorder and other neuropsychiatric diseases.

Relmada’s lead investigational product is REL-1017, also known as esmethadone or dextromethadone. The orally administered compound is designed to modulate the N-methyl-D-aspartate (NMDA) receptor and has been studied as a potential adjunctive treatment for major depressive disorder in patients who do not respond adequately to standard antidepressants.