Relmada Therapeutics (NASDAQ:RLMD) Rating Increased to Strong-Buy at HC Wainwright

HC Wainwright upgraded shares of Relmada Therapeutics (NASDAQ:RLMD) to a strong-buy rating in a research note released on Thursday morning, MarketBeat.com reports.

Other analysts have also recently issued reports about the company. Lucid Cap Mkts upgraded Relmada Therapeutics to a “strong-buy” rating in a research report on Monday, March 2nd. 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 research note on Friday, March 20th. Finally, Piper Sandler began coverage on Relmada Therapeutics in a research note on Tuesday, March 24th. They set an “overweight” rating and a $12.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Relmada Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $12.00.

Relmada Therapeutics Trading Up 2.0%

Shares of Relmada Therapeutics stock opened at $6.73 on Thursday. The stock has a market capitalization of $705.91 million, a price-to-earnings ratio of -6.17 and a beta of 0.39. The business’s 50 day simple moving average is $7.01 and its 200-day simple moving average is $5.53. Relmada Therapeutics has a twelve month low of $0.52 and a twelve month high of $8.00.

Relmada Therapeutics (NASDAQ:RLMD) last posted 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). Sell-side analysts predict that Relmada Therapeutics will post -0.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of Relmada Therapeutics by 397.0% during the first quarter. Bank of America Corp DE now owns 125,941 shares of the company’s stock valued at $877,000 after acquiring an additional 100,601 shares during the period. Stempoint Capital LP purchased a new position in Relmada Therapeutics during the 1st quarter worth approximately $4,158,000. Janus Henderson Group PLC raised its stake in Relmada Therapeutics by 52.2% during the 1st quarter. Janus Henderson Group PLC now owns 11,063,862 shares of the company’s stock valued at $76,892,000 after purchasing an additional 3,793,862 shares during the period. Ally Bridge Group NY LLC purchased a new stake in shares of Relmada Therapeutics in the first quarter valued at $1,465,000. Finally, ADAR1 Capital Management LLC lifted its holdings in shares of Relmada Therapeutics by 1,364.1% in the first quarter. ADAR1 Capital Management LLC now owns 451,918 shares of the company’s stock valued at $3,145,000 after purchasing an additional 421,052 shares in the last quarter. 45.24% of the stock is currently owned by institutional investors and hedge funds.

Relmada Therapeutics Company Profile

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.