Parsons Capital Management Inc. RI Has $1.27 Million Stock Position in Relmada Therapeutics, Inc. $RLMD

Parsons Capital Management Inc. RI increased its holdings in shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD) by 61.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 263,000 shares of the company’s stock after buying an additional 99,664 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Relmada Therapeutics were worth $1,270,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Boothbay Fund Management LLC bought a new position in Relmada Therapeutics in the third quarter valued at about $1,393,000. Corient Private Wealth LLC acquired a new position in Relmada Therapeutics during the second quarter worth about $120,000. Marshall Wace LLP bought a new position in shares of Relmada Therapeutics in the second quarter worth about $93,000. Goldman Sachs Group Inc. bought a new position in shares of Relmada Therapeutics in the first quarter worth about $33,000. Finally, Jane Street Group LLC acquired a new stake in shares of Relmada Therapeutics in the 2nd quarter valued at approximately $69,000. 45.24% of the stock is owned by institutional investors and hedge funds.

Relmada Therapeutics Trading Down 1.5%

Relmada Therapeutics stock opened at $6.43 on Friday. The stock has a 50-day moving average price of $4.75 and a two-hundred day moving average price of $3.73. Relmada Therapeutics, Inc. has a 12 month low of $0.24 and a 12 month high of $7.51. The company has a market capitalization of $471.51 million, a PE ratio of -4.43 and a beta of 0.72.

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

Analyst Upgrades and Downgrades

RLMD has been the topic of several research reports. Lucid Cap Mkts raised shares of Relmada Therapeutics to a “strong-buy” rating in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Wednesday, January 28th. Leerink Partners upgraded shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 target price on the stock in a research report on Friday, January 23rd. Piper Sandler started coverage on shares of Relmada Therapeutics in a research note on Tuesday. They set an “overweight” rating and a $12.00 target price on the stock. Finally, Mizuho upped their price target on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. One equities 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 assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

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.