Relmada Therapeutics (NASDAQ:RLMD) Shares Down 9.9% – Should You Sell?

Relmada Therapeutics, Inc. (NASDAQ:RLMD)’s share price was down 9.9% on Monday . The stock traded as low as $6.25 and last traded at $6.2160. Approximately 1,582,384 shares traded hands during trading, an increase of 11% from the average daily volume of 1,422,374 shares. The stock had previously closed at $6.90.

Analyst Ratings Changes

Several research firms have recently commented on RLMD. Mizuho lifted their price target on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Leerink Partners raised shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target on the stock in a research report on Friday, January 23rd. Zacks Research raised shares of Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Finally, Piper Sandler began coverage on shares of Relmada Therapeutics in a research report on Tuesday, March 24th. They set an “overweight” rating and a $12.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.00.

Relmada Therapeutics Stock Performance

The stock has a market cap of $665.00 million, a PE ratio of -5.82 and a beta of 0.43. The company’s 50-day moving average price is $6.83 and its 200 day moving average price is $4.98.

Relmada Therapeutics (NASDAQ:RLMD) last announced its earnings results on Tuesday, May 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.04). As a group, equities research analysts predict that Relmada Therapeutics, Inc. will post -0.76 earnings per share for the current fiscal year.

Institutional Trading of Relmada Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC acquired a new position in shares of Relmada Therapeutics in the fourth quarter worth $35,041,000. Squadron Capital Management LLC acquired a new position in shares of Relmada Therapeutics in the fourth quarter worth $32,361,000. Spruce Street Capital LP boosted its holdings in Relmada Therapeutics by 53.3% in the first quarter. Spruce Street Capital LP now owns 6,262,114 shares of the company’s stock valued at $42,998,000 after purchasing an additional 2,175,933 shares during the period. Orbimed Advisors LLC boosted its holdings in Relmada Therapeutics by 80.6% in the first quarter. Orbimed Advisors LLC now owns 4,715,864 shares of the company’s stock valued at $32,822,000 after purchasing an additional 2,105,264 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Relmada Therapeutics in the fourth quarter valued at $20,624,000. 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.