Spruce Street Capital LP Buys New Shares in Relmada Therapeutics, Inc. $RLMD

Spruce Street Capital LP bought a new stake in Relmada Therapeutics, Inc. (NASDAQ:RLMD) during the 4th quarter, HoldingsChannel reports. The firm bought 4,086,181 shares of the company’s stock, valued at approximately $19,736,000. Relmada Therapeutics makes up 6.5% of Spruce Street Capital LP’s investment portfolio, making the stock its 4th largest position. Spruce Street Capital LP owned approximately 0.06% of Relmada Therapeutics at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC lifted its holdings in Relmada Therapeutics by 500.0% in the fourth quarter. Barclays PLC now owns 60,000 shares of the company’s stock valued at $290,000 after buying an additional 50,000 shares during the period. Marshall Wace LLP lifted its position in shares of Relmada Therapeutics by 1,072.4% during the 4th quarter. Marshall Wace LLP now owns 3,189,662 shares of the company’s stock valued at $15,406,000 after acquiring an additional 2,917,609 shares during the period. Hudson Bay Capital Management LP bought a new position in Relmada Therapeutics during the fourth quarter worth $127,000. Charles Schwab Investment Management Inc. bought a new position in Relmada Therapeutics during the fourth quarter worth $256,000. Finally, State Street Corp boosted its stake in Relmada Therapeutics by 215.1% during the fourth quarter. State Street Corp now owns 320,820 shares of the company’s stock worth $1,550,000 after acquiring an additional 219,000 shares in the last quarter. Institutional investors and hedge funds own 45.24% of the company’s stock.

Relmada Therapeutics Trading Down 4.2%

RLMD opened at $6.37 on Tuesday. Relmada Therapeutics, Inc. has a 1-year low of $0.52 and a 1-year high of $8.00. The company has a market cap of $668.15 million, a P/E ratio of -5.84 and a beta of 0.39. The company has a fifty day moving average price of $7.02 and a two-hundred day moving average price of $5.48.

Relmada Therapeutics (NASDAQ:RLMD) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.04). On average, research analysts forecast that Relmada Therapeutics, Inc. will post -0.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on RLMD shares. Lucid Cap Mkts raised shares of Relmada Therapeutics to a “strong-buy” rating in a research note on Monday, March 2nd. 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 note on Friday, March 20th. Finally, Piper Sandler started coverage on shares of Relmada Therapeutics in a research note on Tuesday, March 24th. They issued an “overweight” rating and a $12.00 price target for the company. 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 issued a Sell rating to the company. According to MarketBeat.com, Relmada Therapeutics has a consensus rating of “Moderate Buy” and a consensus 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.