Relmada Therapeutics (NASDAQ:RLMD) Sets New 52-Week High – Still a Buy?

Relmada Therapeutics, Inc. (NASDAQ:RLMD) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $7.05 and last traded at $6.9830, with a volume of 38414993 shares traded. The stock had previously closed at $4.45.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Zacks Research upgraded Relmada Therapeutics to a “hold” rating in a report on Tuesday, January 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Mizuho upgraded Relmada Therapeutics from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $1.00 to $10.00 in a research report on Wednesday, November 19th. Jefferies Financial Group started coverage on Relmada Therapeutics in a research note on Monday, December 22nd. They issued a “buy” rating and a $9.00 price target on the stock. Finally, Leerink Partners raised shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price objective for the company in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Relmada Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Relmada Therapeutics Trading Down 4.7%

The stock has a market capitalization of $462.49 million, a price-to-earnings ratio of -3.50 and a beta of 0.72. The firm has a 50-day moving average of $4.22 and a 200 day moving average of $3.30.

Insider Activity

In other Relmada Therapeutics news, CFO Maged Shenouda purchased 11,665 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were acquired at an average price of $4.12 per share, for a total transaction of $48,059.80. Following the completion of the purchase, the chief financial officer owned 800,000 shares in the company, valued at $3,296,000. The trade was a 1.48% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Relmada Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Corient Private Wealth LLC purchased a new position in shares of Relmada Therapeutics during the 2nd quarter valued at approximately $120,000. Marshall Wace LLP bought a new stake in shares of Relmada Therapeutics in the second quarter worth $93,000. Virtu Financial LLC acquired a new stake in Relmada Therapeutics in the fourth quarter valued at $85,000. Jane Street Group LLC acquired a new stake in Relmada Therapeutics in the second quarter valued at $69,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Relmada Therapeutics during the 4th quarter valued at $64,000. 45.24% of the stock is currently owned by hedge funds and other 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.