Relmada Therapeutics (NASDAQ:RLMD) Raised to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Relmada Therapeutics (NASDAQ:RLMD) from a hold rating to a buy rating in a research note released on Tuesday, MarketBeat Ratings reports. The brokerage currently has $13.00 price objective on the stock, up from their prior price objective of $3.50.

Separately, The Goldman Sachs Group lowered shares of Relmada Therapeutics from a neutral rating to a sell rating and cut their price objective for the company from $3.00 to $2.00 in a report on Wednesday, June 5th.

Relmada Therapeutics Price Performance

RLMD opened at $3.50 on Tuesday. Relmada Therapeutics has a one year low of $1.88 and a one year high of $7.22. The company’s 50 day simple moving average is $3.18 and its 200-day simple moving average is $3.69. The stock has a market capitalization of $105.60 million, a P/E ratio of -1.12 and a beta of 0.50.

Relmada Therapeutics (NASDAQ:RLMD) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.24. During the same quarter last year, the business earned ($0.84) earnings per share. As a group, analysts anticipate that Relmada Therapeutics will post -2.39 EPS for the current year.

Insider Activity at Relmada Therapeutics

In other Relmada Therapeutics news, CEO Sergio Traversa acquired 51,407 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were acquired at an average cost of $2.99 per share, for a total transaction of $153,706.93. Following the completion of the acquisition, the chief executive officer now directly owns 384,024 shares of the company’s stock, valued at approximately $1,148,231.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Maged Shenouda bought 24,120 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $2.95 per share, for a total transaction of $71,154.00. Following the completion of the acquisition, the chief financial officer now owns 88,335 shares in the company, valued at approximately $260,588.25. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sergio Traversa bought 51,407 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was purchased at an average price of $2.99 per share, for a total transaction of $153,706.93. Following the completion of the acquisition, the chief executive officer now owns 384,024 shares of the company’s stock, valued at approximately $1,148,231.76. The disclosure for this purchase can be found here. Insiders have acquired 152,300 shares of company stock worth $429,655 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Relmada Therapeutics

Several hedge funds have recently bought and sold shares of RLMD. Opaleye Management Inc. increased its position in shares of Relmada Therapeutics by 2,823.3% during the fourth quarter. Opaleye Management Inc. now owns 877,000 shares of the company’s stock worth $3,631,000 after acquiring an additional 847,000 shares in the last quarter. Vestal Point Capital LP bought a new stake in shares of Relmada Therapeutics during the fourth quarter worth $476,000. ADAR1 Capital Management LLC bought a new stake in shares of Relmada Therapeutics during the fourth quarter worth $243,000. Renaissance Technologies LLC increased its position in shares of Relmada Therapeutics by 153.6% during the second quarter. Renaissance Technologies LLC now owns 88,775 shares of the company’s stock worth $266,000 after acquiring an additional 53,767 shares in the last quarter. Finally, AdvisorShares Investments LLC increased its position in shares of Relmada Therapeutics by 28.5% during the second quarter. AdvisorShares Investments LLC now owns 90,028 shares of the company’s stock worth $276,000 after acquiring an additional 19,975 shares in the last quarter. 45.24% of the stock is currently owned by institutional investors and hedge funds.

About Relmada Therapeutics

Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system diseases (CNS) and other disorders in the United States. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a N-methyl-D-aspartate receptor antagonist which is in phase 3 clinical trial for the adjunctive or monotherapy treatment of major depressive disorder.