Relmada Therapeutics (NASDAQ:RLMD) Trading Down 10.5% – Here’s What Happened

Relmada Therapeutics, Inc. (NASDAQ:RLMD) shares dropped 10.5% during mid-day trading on Thursday . The company traded as low as $5.52 and last traded at $5.5550. 1,242,023 shares changed hands during trading, a decline of 20% from the average session volume of 1,552,757 shares. The stock had previously closed at $6.21.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Piper Sandler started coverage on shares of Relmada Therapeutics in a research note on Tuesday, March 24th. They issued an “overweight” rating and a $12.00 price target on the stock. Mizuho upped their target price on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, March 20th. HC Wainwright assumed coverage on shares of Relmada Therapeutics in a research report on Thursday, June 18th. They set a “buy” rating and a $12.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relmada Therapeutics in a research note 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 issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.00.

Relmada Therapeutics Trading Down 4.0%

The firm has a market cap of $549.62 million, a P/E ratio of -4.81 and a beta of 0.41. The business has a 50-day moving average price of $6.63 and a 200-day moving average price of $5.83.

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

Institutional Investors Weigh In On Relmada Therapeutics

Several hedge funds have recently modified their holdings of RLMD. State of Wyoming bought a new position in shares of Relmada Therapeutics during the first quarter valued at approximately $88,000. Keebeck Wealth Management purchased a new stake in Relmada Therapeutics during the first quarter worth $90,000. Schonfeld Strategic Advisors LLC purchased a new stake in Relmada Therapeutics during the fourth quarter worth $64,000. Virtu Financial LLC purchased a new stake in Relmada Therapeutics during the fourth quarter worth $85,000. Finally, Jefferies Financial Group Inc. bought a new stake in Relmada Therapeutics during the 4th quarter valued at $105,000. Hedge funds and other institutional investors own 45.24% of the company’s stock.

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.