Relmada Therapeutics (NASDAQ:RLMD) Rating Increased to Strong-Buy at Lucid Cap Mkts

Relmada Therapeutics (NASDAQ:RLMD) was upgraded by analysts at Lucid Cap Mkts to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

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

Relmada Therapeutics Stock Performance

NASDAQ:RLMD opened at $4.67 on Monday. Relmada Therapeutics has a 1 year low of $0.24 and a 1 year high of $5.12. The stock has a fifty day moving average price of $4.13 and a two-hundred day moving average price of $3.13. The stock has a market capitalization of $342.45 million, a price-to-earnings ratio of -2.59 and a beta of 0.72.

Insider Activity

In other Relmada Therapeutics news, CFO Maged Shenouda purchased 11,665 shares of the stock in a transaction dated Monday, December 15th. The shares were acquired 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 directly owned 800,000 shares of the company’s stock, valued at $3,296,000. This trade represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 20.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relmada Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RLMD. AdvisorShares Investments LLC grew its holdings in Relmada Therapeutics by 1.8% during the 3rd quarter. AdvisorShares Investments LLC now owns 403,488 shares of the company’s stock valued at $811,000 after buying an additional 6,974 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Relmada Therapeutics in the fourth quarter valued at $64,000. Renaissance Technologies LLC lifted its position in shares of Relmada Therapeutics by 9.0% in the fourth quarter. Renaissance Technologies LLC now owns 185,000 shares of the company’s stock valued at $894,000 after acquiring an additional 15,300 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Relmada Therapeutics during the fourth quarter valued at $85,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Relmada Therapeutics during the 4th quarter worth about $105,000. Hedge funds and other institutional investors own 45.24% of the company’s stock.

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.