Piper Sandler Initiates Coverage on Relmada Therapeutics (NASDAQ:RLMD)

Analysts at Piper Sandler began coverage on shares of Relmada Therapeutics (NASDAQ:RLMD) in a note issued to investors on Tuesday. The firm set an “overweight” rating and a $12.00 price target on the stock. Piper Sandler’s price target points to a potential upside of 104.78% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Relmada Therapeutics in a report on Monday, December 22nd. They issued a “buy” rating and a $9.00 target price for the company. Mizuho lifted their price target on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday. Leerink Partners raised shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target for the company in a research report on Friday, January 23rd. Lucid Cap Mkts upgraded shares of Relmada Therapeutics to a “strong-buy” rating in a research note on Monday, March 2nd. Finally, Zacks Research raised Relmada Therapeutics to a “hold” rating in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Relmada Therapeutics Stock Down 3.5%

RLMD stock opened at $5.86 on Tuesday. The business has a 50 day moving average price of $4.54 and a 200 day moving average price of $3.62. The stock has a market cap of $429.74 million, a price-to-earnings ratio of -4.04 and a beta of 0.72. Relmada Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $7.51.

Relmada Therapeutics (NASDAQ:RLMD) last announced its quarterly earnings results on Thursday, March 19th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.13). As a group, sell-side analysts anticipate that Relmada Therapeutics will post -2.73 EPS for the current year.

Hedge Funds Weigh In On Relmada Therapeutics

Hedge funds have recently modified their holdings of the business. XTX Topco Ltd acquired a new position in shares of Relmada Therapeutics in the 2nd quarter valued at $28,000. Goldman Sachs Group Inc. acquired a new stake in Relmada Therapeutics during the 1st quarter worth $33,000. LMR Partners LLP purchased a new position in Relmada Therapeutics during the 2nd quarter worth $33,000. Schonfeld Strategic Advisors LLC acquired a new position in Relmada Therapeutics in the fourth quarter valued at $64,000. Finally, Jane Street Group LLC acquired a new position in Relmada Therapeutics in the second quarter valued at $69,000. 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.