Zacks Investment Research upgraded shares of Relmada Therapeutics (NASDAQ:RLMD – Get Rating) from a sell rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.
According to Zacks, “Relmada Therapeutics Inc. is a clinical stage, public specialty pharmaceutical company. The Company is developing LevoCap ER, an abuse resistant, once-a-day sustained release dosage form of the opioid analgesic levorphanol; d-methadone, the NDMA receptor antagonist for neurophatic pain; BuTab ER, an oral dosage form of the opioid analgesic buprenorphine and MepiGel, a FDA Orphan Drug designated topical formulation of the local anesthetic mepivacaine. Relmada Therapeutics Inc. is based in New York. “
A number of other equities research analysts also recently issued reports on the company. The Goldman Sachs Group lowered their price target on Relmada Therapeutics from $69.00 to $53.00 and set a buy rating for the company in a research report on Thursday, March 24th. Oppenheimer lowered their price target on Relmada Therapeutics from $75.00 to $64.00 in a research report on Monday, May 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average price target of $42.43.
Relmada Therapeutics (NASDAQ:RLMD – Get Rating) last posted its quarterly earnings results on Wednesday, March 23rd. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.20). During the same quarter in the previous year, the firm earned ($1.28) earnings per share. As a group, equities research analysts forecast that Relmada Therapeutics will post -5.41 EPS for the current fiscal year.
In other news, Director Paul Edward Kelly sold 10,000 shares of the company’s stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $30.04, for a total value of $300,400.00. Following the completion of the sale, the director now owns 187,295 shares of the company’s stock, valued at $5,626,341.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.50% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of RLMD. Morgan Stanley boosted its position in shares of Relmada Therapeutics by 2,184.1% in the second quarter. Morgan Stanley now owns 26,359 shares of the company’s stock worth $844,000 after buying an additional 25,205 shares during the period. SG Americas Securities LLC purchased a new position in Relmada Therapeutics in the third quarter valued at about $178,000. Deutsche Bank AG boosted its holdings in Relmada Therapeutics by 5.2% in the third quarter. Deutsche Bank AG now owns 16,481 shares of the company’s stock valued at $432,000 after purchasing an additional 820 shares during the last quarter. Swiss National Bank boosted its holdings in Relmada Therapeutics by 3.6% in the third quarter. Swiss National Bank now owns 26,000 shares of the company’s stock valued at $681,000 after purchasing an additional 900 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in Relmada Therapeutics by 111.5% in the third quarter. Citigroup Inc. now owns 7,901 shares of the company’s stock valued at $207,000 after purchasing an additional 4,166 shares during the last quarter. 76.11% of the stock is owned by institutional investors.
Relmada Therapeutics Company Profile (Get Rating)
Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system (CNS) diseases and other disorders. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a new chemical entity and N-methyl-D-aspartate receptor antagonist that is in Phase 3 clinical trials for the adjunctive or monotherapy treatment of major depressive disorder in adults.
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