Spruce Street Capital LP Buys 2,175,933 Shares of Relmada Therapeutics, Inc. $RLMD

Spruce Street Capital LP grew its stake in shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD) by 53.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,262,114 shares of the company’s stock after buying an additional 2,175,933 shares during the period. Relmada Therapeutics makes up 10.4% of Spruce Street Capital LP’s portfolio, making the stock its biggest position. Spruce Street Capital LP owned approximately 5.97% of Relmada Therapeutics worth $42,998,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Parsons Capital Management Inc. RI raised its position in shares of Relmada Therapeutics by 61.0% in the 4th quarter. Parsons Capital Management Inc. RI now owns 263,000 shares of the company’s stock valued at $1,270,000 after acquiring an additional 99,664 shares during the period. Seven Fleet Capital Management LP bought a new position in Relmada Therapeutics during the 4th quarter worth approximately $744,000. Persistent Asset Partners Ltd acquired a new position in Relmada Therapeutics during the fourth quarter valued at approximately $1,116,000. Knott David M Jr acquired a new position in Relmada Therapeutics during the first quarter valued at approximately $3,058,000. Finally, Corient Private Wealth LLC increased its stake in Relmada Therapeutics by 248.2% in the fourth quarter. Corient Private Wealth LLC now owns 719,582 shares of the company’s stock valued at $3,443,000 after purchasing an additional 512,915 shares in the last quarter. 45.24% of the stock is currently owned by institutional investors and hedge funds.

Relmada Therapeutics Price Performance

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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on RLMD shares. HC Wainwright initiated coverage on shares of Relmada Therapeutics in a report on Thursday, June 18th. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Relmada Therapeutics in a research report on Thursday, June 18th. One equities 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Relmada Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

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.