Relmada Therapeutics (NASDAQ:RLMD) Trading 6.9% Higher – Here’s Why

Relmada Therapeutics, Inc. (NASDAQ:RLMD) shares were up 6.9% during mid-day trading on Thursday . The stock traded as high as $4.47 and last traded at $4.36. Approximately 1,939,623 shares changed hands during mid-day trading, an increase of 257% from the average daily volume of 543,317 shares. The stock had previously closed at $4.08.

Analyst Ratings Changes

Several analysts have recently weighed in on RLMD shares. Jefferies Financial Group initiated coverage on shares of Relmada Therapeutics in a report on Monday, December 22nd. They issued a “buy” rating and a $9.00 target price on the stock. Mizuho raised Relmada Therapeutics from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $1.00 to $10.00 in a report on Wednesday, November 19th. Zacks Research upgraded Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Leerink Partners raised Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 target price for the company in a research note on Friday, January 23rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Wednesday, January 28th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.00.

Relmada Therapeutics Stock Down 5.3%

The business’s fifty day moving average is $4.11 and its 200 day moving average is $2.90. The stock has a market cap of $302.85 million, a PE ratio of -2.29 and a beta of 0.76.

Insiders Place Their Bets

In other news, CFO Maged Shenouda bought 11,665 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were bought at an average cost of $4.12 per share, for a total transaction of $48,059.80. Following the completion of the transaction, the chief financial officer owned 800,000 shares in the company, valued at $3,296,000. This trade represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Relmada Therapeutics

Hedge funds have recently bought and sold shares of the stock. Corient Private Wealth LLC lifted its position in shares of 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 acquiring an additional 512,915 shares in the last quarter. XTX Topco Ltd acquired a new position in Relmada Therapeutics in the 4th quarter valued at about $199,000. Ikarian Capital LLC lifted its holdings in Relmada Therapeutics by 66.5% in the 4th quarter. Ikarian Capital LLC now owns 3,068,359 shares of the company’s stock valued at $14,820,000 after purchasing an additional 1,225,299 shares in the last quarter. Squadron Capital Management LLC purchased a new position in Relmada Therapeutics in the 4th quarter valued at about $32,361,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Relmada Therapeutics during the 4th quarter worth about $258,000. 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.