6,391,328 Shares in Relmada Therapeutics, Inc. $RLMD Purchased by Spruce Street Capital LP

Key Points

• Spruce Street Capital LP acquired 6.39 million Relmada Therapeutics shares, worth approximately $44.2 million, representing about 5.99% of the company and 8.7% of the fund’s portfolio.
• Analyst sentiment is generally positive, with an average “Moderate Buy” rating and a $12 price target, although one firm rates the stock “Sell.”
• RLMD opened at $4.58 and remains unprofitable, while its lead candidate REL-1017 is being tested as a potential treatment for major depressive disorder and other CNS conditions.

Spruce Street Capital LP bought a new stake in Relmada Therapeutics, Inc. (NASDAQ:RLMD - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,391,328 shares of the company's stock, valued at approximately $44,227,990,000. Relmada Therapeutics comprises about 8.7% of Spruce Street Capital LP's holdings, making the stock its 4th biggest holding. Spruce Street Capital LP owned approximately 5.99% of Relmada Therapeutics as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in Relmada Therapeutics during the 2nd quarter worth approximately $28,000. LMR Partners LLP acquired a new stake in shares of Relmada Therapeutics in the second quarter valued at approximately $33,000. Goldman Sachs Group Inc. bought a new stake in shares of Relmada Therapeutics in the first quarter worth $33,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Relmada Therapeutics in the fourth quarter worth $64,000. Finally, Jane Street Group LLC acquired a new position in Relmada Therapeutics during the second quarter worth $69,000. Institutional investors own 45.24% of the company's stock.

Wall Street Analyst Weigh In

RLMD has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Relmada Therapeutics in a research report on Thursday, June 18th. HC Wainwright started coverage on shares of Relmada Therapeutics in a research report on Thursday, June 18th. They set a "buy" rating and a $12.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.00.

Relmada Therapeutics Stock Down 1.1%

NASDAQ:RLMD opened at $4.58 on Tuesday. The firm has a market capitalization of $488.55 million, a price-to-earnings ratio of -5.09 and a beta of 0.46. Relmada Therapeutics, Inc. has a twelve month low of $0.60 and a twelve month high of $8.00. The stock's 50 day moving average price is $5.69 and its two-hundred day moving average price is $6.01.

Relmada Therapeutics (NASDAQ:RLMD - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.09. As a group, analysts anticipate that Relmada Therapeutics, Inc. will post -0.6 earnings per share for the current year.

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.

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