Relmada Therapeutics (NASDAQ:RLMD) Upgraded by HC Wainwright to “Strong-Buy” Rating

Relmada Therapeutics (NASDAQ:RLMD) was upgraded by HC Wainwright to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on RLMD. Mizuho raised their price objective on Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, March 20th. Piper Sandler assumed coverage on shares of Relmada Therapeutics in a report on Tuesday, March 24th. They issued an “overweight” rating and a $12.00 price objective for the company. Finally, Lucid Cap Mkts upgraded shares of Relmada Therapeutics to a “strong-buy” rating in a report on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Relmada Therapeutics Stock Up 2.0%

RLMD opened at $6.73 on Thursday. The business’s fifty day simple moving average is $7.01 and its 200 day simple moving average is $5.53. Relmada Therapeutics has a 52 week low of $0.52 and a 52 week high of $8.00. The stock has a market cap of $705.91 million, a PE ratio of -6.17 and a beta of 0.39.

Relmada Therapeutics (NASDAQ:RLMD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.04). As a group, equities analysts anticipate that Relmada Therapeutics will post -0.75 earnings per share for the current year.

Institutional Investors Weigh In On Relmada Therapeutics

Several institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new position in Relmada Therapeutics in the 2nd quarter worth approximately $28,000. LMR Partners LLP bought a new position in shares of Relmada Therapeutics in the second quarter worth approximately $33,000. Goldman Sachs Group Inc. purchased a new position in shares of Relmada Therapeutics in the first quarter worth $33,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Relmada Therapeutics in the fourth quarter worth $64,000. Finally, Jane Street Group LLC bought a new stake in Relmada Therapeutics during the 2nd quarter valued at $69,000. 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.