Relmada Therapeutics (NASDAQ:RLMD) Trading 1.8% Higher Following Analyst Upgrade

Relmada Therapeutics, Inc. (NASDAQ:RLMDGet Rating)’s stock price was up 1.8% during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $49.00 to $81.00. The Goldman Sachs Group currently has a buy rating on the stock. Relmada Therapeutics traded as high as $31.39 and last traded at $31.09. Approximately 971 shares traded hands during mid-day trading, a decline of 100% from the average daily volume of 429,772 shares. The stock had previously closed at $30.54.

Separately, Guggenheim lifted their price target on Relmada Therapeutics from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, September 6th.

Insider Transactions at Relmada Therapeutics

In related news, CEO Sergio Traversa sold 16,012 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $19.13, for a total value of $306,309.56. Following the completion of the transaction, the chief executive officer now directly owns 88,774 shares in the company, valued at approximately $1,698,246.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 9.50% 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. Byrne Asset Management LLC boosted its position in Relmada Therapeutics by 15.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,675 shares of the company’s stock worth $180,000 after acquiring an additional 875 shares during the last quarter. Great Point Partners LLC raised its stake in shares of Relmada Therapeutics by 10.1% during the 1st 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 in the last quarter. Deep Track Capital LP bought a new stake in shares of Relmada Therapeutics during the 1st quarter worth approximately $2,756,000. TD Asset Management Inc. bought a new stake in shares of Relmada Therapeutics during the 1st quarter worth approximately $228,000. Finally, Altium Capital Management LP bought a new stake in Relmada Therapeutics in the 4th quarter valued at $4,641,000. 82.03% of the stock is currently owned by institutional investors and hedge funds.

Relmada Therapeutics Trading Up 4.5 %

The business has a 50 day moving average of $28.44 and a two-hundred day moving average of $24.20. The firm has a market cap of $958.91 million, a P/E ratio of -4.57 and a beta of 0.62.

Relmada Therapeutics (NASDAQ:RLMDGet Rating) last posted its quarterly earnings results on Thursday, August 11th. The company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.03). On average, sell-side analysts predict that Relmada Therapeutics, Inc. will post -5.55 EPS for the current year.

About Relmada Therapeutics

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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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