Relmada Therapeutics (NASDAQ:RLMD) Shares Gap Down – What’s Next?

Relmada Therapeutics, Inc. (NASDAQ:RLMD)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $7.17, but opened at $6.73. Relmada Therapeutics shares last traded at $6.89, with a volume of 1,882,271 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Relmada Therapeutics in a research report on Monday, December 22nd. They set a “buy” rating and a $9.00 target price for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Wednesday, January 28th. Mizuho raised Relmada Therapeutics from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $1.00 to $10.00 in a report on Wednesday, November 19th. Zacks Research upgraded Relmada Therapeutics to a “hold” rating in a research note on Tuesday, January 27th. Finally, Lucid Cap Mkts raised Relmada Therapeutics to a “strong-buy” rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Relmada Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Relmada Therapeutics Stock Performance

The firm’s 50 day moving average is $4.25 and its 200-day moving average is $3.32. The stock has a market capitalization of $463.47 million, a price-to-earnings ratio of -3.51 and a beta of 0.72.

Insider Buying and Selling at Relmada Therapeutics

In other news, CFO Maged Shenouda bought 11,665 shares of the stock in a transaction dated Monday, December 15th. The shares were acquired at an average cost of $4.12 per share, with a total value of $48,059.80. Following the purchase, the chief financial officer directly owned 800,000 shares in the company, valued at $3,296,000. The trade was a 1.48% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Relmada Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RLMD. Goldman Sachs Group Inc. acquired a new position in Relmada Therapeutics in the 1st quarter worth about $33,000. XTX Topco Ltd acquired a new stake in Relmada Therapeutics in the second quarter valued at approximately $28,000. Marshall Wace LLP purchased a new stake in shares of Relmada Therapeutics in the second quarter valued at approximately $93,000. Jane Street Group LLC purchased a new stake in shares of Relmada Therapeutics in the second quarter valued at approximately $69,000. Finally, LMR Partners LLP acquired a new position in shares of Relmada Therapeutics during the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 45.24% of the company’s stock.

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.