Short Interest in Relmada Therapeutics, Inc. (NASDAQ:RLMD) Grows By 346.2%

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the target of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 3,731,201 shares, an increase of 346.2% from the February 26th total of 836,254 shares. Currently, 6.4% of the company’s shares are short sold. Based on an average daily volume of 5,015,092 shares, the short-interest ratio is presently 0.7 days.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Leerink Partners upgraded Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price objective for the company in a research report on Friday, January 23rd. Lucid Cap Mkts raised Relmada Therapeutics to a “strong-buy” rating in a research note on Monday, March 2nd. Mizuho upped their target price on Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, March 20th. Finally, Piper Sandler began coverage on shares of Relmada Therapeutics in a research report on Tuesday. They set an “overweight” rating and a $12.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Relmada Therapeutics Trading Down 1.8%

RLMD stock opened at $6.54 on Friday. The firm has a market cap of $479.36 million, a PE ratio of -4.51 and a beta of 0.72. The stock has a 50-day moving average price of $4.69 and a 200-day moving average price of $3.70. Relmada Therapeutics has a 1-year low of $0.24 and a 1-year high of $7.51.

Relmada Therapeutics (NASDAQ:RLMD) last announced its 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). On average, analysts forecast that Relmada Therapeutics will post -2.73 earnings per share for the current year.

Hedge Funds Weigh In On Relmada Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of RLMD. Corient Private Wealth LLC increased its stake in shares of Relmada Therapeutics by 248.2% in the 4th 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. Seven Fleet Capital Management LP bought a new position in Relmada Therapeutics during the fourth quarter worth $744,000. Virtu Financial LLC bought a new position in Relmada Therapeutics during the fourth quarter worth $85,000. XTX Topco Ltd acquired a new stake in Relmada Therapeutics in the fourth quarter worth $199,000. Finally, Ikarian Capital LLC grew its holdings in Relmada Therapeutics by 66.5% in the fourth quarter. Ikarian Capital LLC now owns 3,068,359 shares of the company’s stock worth $14,820,000 after purchasing an additional 1,225,299 shares during the period. 45.24% of the stock is currently owned by 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.