Relmada Therapeutics (NASDAQ:RLMD) Earns Overweight Rating from Analysts at Piper Sandler

Equities researchers at Piper Sandler began coverage on shares of Relmada Therapeutics (NASDAQ:RLMD) in a research report issued to clients and investors on Tuesday. The firm set an “overweight” rating and a $12.00 price target on the stock. Piper Sandler’s price target would indicate a potential upside of 104.78% from the stock’s previous close.

Several other equities analysts have also recently commented on RLMD. Lucid Cap Mkts raised shares of Relmada Therapeutics to a “strong-buy” rating in a research report on Monday, March 2nd. Leerink Partners raised Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price objective on the stock in a research report on Friday, January 23rd. Weiss Ratings reiterated 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 note on Tuesday, January 27th. Finally, Jefferies Financial Group began coverage on Relmada Therapeutics in a report on Monday, December 22nd. They set a “buy” rating and a $9.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Relmada Therapeutics Stock Performance

Shares of RLMD opened at $5.86 on Tuesday. The company’s 50-day simple moving average is $4.54 and its 200-day simple moving average is $3.62. Relmada Therapeutics has a 1 year low of $0.24 and a 1 year high of $7.51. The stock has a market capitalization of $429.74 million, a PE ratio of -4.04 and a beta of 0.72.

Relmada Therapeutics (NASDAQ:RLMD) last announced its quarterly earnings data on Thursday, March 19th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.13). On average, sell-side analysts predict that Relmada Therapeutics will post -2.73 earnings per share for the current year.

Institutional Investors Weigh In On Relmada Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. purchased a new stake in shares of Relmada Therapeutics during the 1st quarter worth $33,000. XTX Topco Ltd acquired a new position in shares of Relmada Therapeutics during the second quarter worth $28,000. Marshall Wace LLP purchased a new position in Relmada Therapeutics in the second quarter valued at $93,000. Jane Street Group LLC purchased a new position in Relmada Therapeutics in the second quarter valued at $69,000. Finally, LMR Partners LLP acquired a new stake in Relmada Therapeutics in the second quarter valued at $33,000. 45.24% of the stock is currently owned by institutional investors and hedge funds.

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.