Relmada Therapeutics (NASDAQ:RLMD) Trading Down 6.8% – Here’s Why

Relmada Therapeutics, Inc. (NASDAQ:RLMD)’s share price dropped 6.8% on Friday . The company traded as low as $4.97 and last traded at $5.0040. 1,056,702 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 1,554,860 shares. The stock had previously closed at $5.37.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RLMD shares. HC Wainwright initiated coverage on Relmada Therapeutics in a report on Thursday, June 18th. They issued a “buy” rating and a $12.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Relmada Therapeutics in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Relmada Therapeutics Stock Down 8.0%

The stock has a market capitalization of $518.16 million, a price-to-earnings ratio of -5.49 and a beta of 0.46. The business’s 50-day moving average is $6.05 and its two-hundred day moving average is $5.93.

Relmada Therapeutics (NASDAQ:RLMD) last issued its earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.09. As a group, analysts forecast that Relmada Therapeutics, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Relmada Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. XTX Topco Ltd purchased a new stake in shares of Relmada Therapeutics in the 2nd quarter valued at approximately $28,000. LMR Partners LLP purchased a new stake in shares of Relmada Therapeutics during the 2nd quarter valued at approximately $33,000. Goldman Sachs Group Inc. purchased a new position in Relmada Therapeutics in the first quarter worth approximately $33,000. Schonfeld Strategic Advisors LLC purchased a new position in Relmada Therapeutics in the fourth quarter worth approximately $64,000. Finally, Jane Street Group LLC acquired a new stake in Relmada Therapeutics during the second quarter worth $69,000. 45.24% of the stock is currently owned by institutional investors and hedge funds.

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.