Relmada Therapeutics (NASDAQ:RLMD) Upgraded at Leerink Partners

Leerink Partners upgraded shares of Relmada Therapeutics (NASDAQ:RLMD) from a market perform rating to an outperform rating in a research report released on Friday morning, Marketbeat reports. The firm currently has $8.00 price objective on the stock.

A number of other research analysts have also issued reports on RLMD. Jefferies Financial Group assumed coverage on Relmada Therapeutics in a research report on Monday, December 22nd. They set a “buy” rating and a $9.00 target price on the stock. Wall Street Zen upgraded shares of Relmada Therapeutics to a “hold” rating in a research report on Saturday, October 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Relmada Therapeutics in a report on Friday, October 31st. Finally, Mizuho raised shares of Relmada Therapeutics from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $1.00 to $10.00 in a research note on Wednesday, November 19th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Relmada Therapeutics Stock Down 1.5%

NASDAQ:RLMD opened at $3.90 on Friday. Relmada Therapeutics has a 52 week low of $0.24 and a 52 week high of $5.12. The stock’s 50-day moving average price is $4.23 and its 200-day moving average price is $2.48. The stock has a market capitalization of $285.99 million, a PE ratio of -2.17 and a beta of 0.77.

Relmada Therapeutics (NASDAQ:RLMD) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.26). Sell-side analysts expect that Relmada Therapeutics will post -2.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Paul Edward Kelly purchased 90,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was purchased at an average price of $2.20 per share, with a total value of $198,000.00. Following the completion of the acquisition, the chief operating officer owned 502,295 shares in the company, valued at $1,105,049. This trade represents a 21.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Chuck Ence acquired 136,000 shares of Relmada Therapeutics stock in a transaction that occurred on Wednesday, November 5th. The shares were bought at an average price of $2.20 per share, for a total transaction of $299,200.00. Following the transaction, the chief operating officer owned 403,931 shares of the company’s stock, valued at $888,648.20. This represents a 50.76% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 737,665 shares of company stock valued at $1,645,260 in the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Relmada Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new position in shares of Relmada Therapeutics during the 2nd quarter worth $28,000. Goldman Sachs Group Inc. acquired a new stake in Relmada Therapeutics during the first quarter worth about $33,000. LMR Partners LLP acquired a new stake in Relmada Therapeutics during the second quarter worth about $33,000. Jane Street Group LLC purchased a new position in Relmada Therapeutics during the second quarter worth about $69,000. Finally, Marshall Wace LLP acquired a new position in Relmada Therapeutics in the 2nd quarter valued at about $93,000. 45.24% of the stock is currently owned by hedge funds and other institutional investors.

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.