Zacks Investment Research upgraded shares of Relmada Therapeutics (NASDAQ:RLMD – Get Rating) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, “Relmada Therapeutics Inc. is a clinical stage, public specialty pharmaceutical company. The Company is developing LevoCap ER, an abuse resistant, once-a-day sustained release dosage form of the opioid analgesic levorphanol; d-methadone, the NDMA receptor antagonist for neurophatic pain; BuTab ER, an oral dosage form of the opioid analgesic buprenorphine and MepiGel, a FDA Orphan Drug designated topical formulation of the local anesthetic mepivacaine. Relmada Therapeutics Inc. is based in New York. “
Several other research analysts also recently weighed in on the company. Oppenheimer lowered their target price on Relmada Therapeutics from $75.00 to $64.00 in a research note on Monday, May 9th. The Goldman Sachs Group decreased their price target on Relmada Therapeutics from $69.00 to $53.00 and set a buy rating on the stock in a research note on Thursday, March 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Relmada Therapeutics currently has an average rating of Buy and an average target price of $42.43.
Relmada Therapeutics (NASDAQ:RLMD – Get Rating) last announced its earnings results on Wednesday, March 23rd. The company reported ($1.80) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.20). During the same quarter in the prior year, the firm posted ($1.28) earnings per share. As a group, sell-side analysts forecast that Relmada Therapeutics will post -5.41 earnings per share for the current fiscal year.
In related news, Director Paul Edward Kelly sold 10,000 shares of Relmada Therapeutics stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $30.04, for a total value of $300,400.00. Following the sale, the director now directly owns 187,295 shares in the company, valued at $5,626,341.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.50% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. RTW Investments LP raised its holdings in Relmada Therapeutics by 16.2% during the first quarter. RTW Investments LP now owns 2,540,074 shares of the company’s stock worth $68,557,000 after purchasing an additional 353,750 shares during the last quarter. BlackRock Inc. raised its holdings in Relmada Therapeutics by 41.0% during the first quarter. BlackRock Inc. now owns 1,952,808 shares of the company’s stock worth $52,707,000 after purchasing an additional 567,573 shares during the last quarter. Vanguard Group Inc. raised its holdings in Relmada Therapeutics by 8.1% during the first quarter. Vanguard Group Inc. now owns 1,324,014 shares of the company’s stock worth $35,736,000 after purchasing an additional 99,113 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Relmada Therapeutics by 330.1% during the fourth quarter. Point72 Asset Management L.P. now owns 946,313 shares of the company’s stock worth $21,320,000 after purchasing an additional 726,313 shares during the last quarter. Finally, Great Point Partners LLC raised its holdings in Relmada Therapeutics by 10.1% during the first quarter. Great Point Partners LLC now owns 790,000 shares of the company’s stock worth $21,322,000 after purchasing an additional 72,680 shares during the last quarter. 76.11% of the stock is owned by hedge funds and other institutional investors.
About Relmada Therapeutics (Get Rating)
Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system (CNS) diseases and other disorders. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a new chemical entity and N-methyl-D-aspartate receptor antagonist that is in Phase 3 clinical trials for the adjunctive or monotherapy treatment of major depressive disorder in adults.
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