Spruce Street Capital LP Has $43 Million Stock Position in Relmada Therapeutics, Inc. $RLMD

Spruce Street Capital LP raised its position in Relmada Therapeutics, Inc. (NASDAQ:RLMD) by 53.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 6,262,114 shares of the company’s stock after purchasing an additional 2,175,933 shares during the period. Relmada Therapeutics makes up 10.4% of Spruce Street Capital LP’s investment portfolio, making the stock its biggest holding. Spruce Street Capital LP owned 0.06% of Relmada Therapeutics worth $42,998,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. State of Wyoming acquired a new position in shares of Relmada Therapeutics during the first quarter worth about $88,000. Keebeck Wealth Management acquired a new stake in Relmada Therapeutics in the 1st quarter valued at approximately $90,000. Schonfeld Strategic Advisors LLC acquired a new stake in Relmada Therapeutics in the 4th quarter valued at approximately $64,000. Virtu Financial LLC bought a new stake in Relmada Therapeutics in the 4th quarter valued at approximately $85,000. Finally, Jefferies Financial Group Inc. acquired a new position in Relmada Therapeutics during the 4th quarter worth approximately $105,000. 45.24% of the stock is currently owned by institutional investors.

Relmada Therapeutics Stock Performance

RLMD opened at $5.18 on Friday. Relmada Therapeutics, Inc. has a 52-week low of $0.55 and a 52-week high of $8.00. The firm has a market capitalization of $543.33 million, a PE ratio of -4.75 and a beta of 0.41. The business’s 50-day simple moving average is $6.41 and its 200 day simple moving average is $5.85.

Relmada Therapeutics (NASDAQ:RLMD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.04). On average, research analysts forecast that Relmada Therapeutics, Inc. will post -0.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relmada Therapeutics in a research note on Thursday, June 18th. HC Wainwright assumed coverage on shares of Relmada Therapeutics in a report on Thursday, June 18th. They set a “buy” rating and a $12.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

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.