812,059 Shares in Relmada Therapeutics, Inc. $RLMD Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 812,059 shares of Relmada Therapeutics in the second quarter, a stake valued at approximately $5.6 million and representing about 0.76% of the company.
• Institutional ownership stands at 45.24%, with several other funds—including Jupiter Topco and Spruce Street Capital—also establishing new positions during the quarter.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $12 price target, although RLMD recently traded at $3.83 and remains unprofitable.

Bank of America Corp DE acquired a new stake in Relmada Therapeutics, Inc. (NASDAQ:RLMD - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 812,059 shares of the company's stock, valued at approximately $5,619,000. Bank of America Corp DE owned about 0.76% of Relmada Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Jupiter Topco LLC bought a new position in shares of Relmada Therapeutics during the 2nd quarter valued at approximately $77,316,000. ADAR1 Capital Management LLC purchased a new stake in Relmada Therapeutics during the 2nd quarter valued at $3,127,000. Legal & General Group Plc bought a new stake in Relmada Therapeutics in the second quarter worth $64,000. The Manufacturers Life Insurance Company bought a new stake in Relmada Therapeutics in the second quarter worth $173,000. Finally, Spruce Street Capital LP purchased a new position in Relmada Therapeutics during the second quarter worth $44,227,990. Hedge funds and other institutional investors own 45.24% of the company's stock.

Wall Street Analyst Weigh In

RLMD has been the topic of a number of analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Relmada Therapeutics in a research report on Monday, September 14th. HC Wainwright began coverage on shares of Relmada Therapeutics in a report on Thursday, June 18th. They issued a "buy" rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

Relmada Therapeutics Stock Performance

NASDAQ RLMD opened at $3.83 on Monday. The firm's fifty day simple moving average is $4.66 and its two-hundred day simple moving average is $6.01. Relmada Therapeutics, Inc. has a 12-month low of $1.62 and a 12-month high of $8.00. The firm has a market capitalization of $408.55 million, a P/E ratio of -4.26 and a beta of 0.45.

Relmada Therapeutics (NASDAQ:RLMD - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.20) by $0.09. As a group, sell-side analysts predict that Relmada Therapeutics, Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Activity at Relmada Therapeutics

In other news, CFO Maged Shenouda purchased 79,800 shares of the stock in a transaction on Thursday, September 10th. The stock was bought at an average price of $4.25 per share, with a total value of $339,150.00. Following the transaction, the chief financial officer owned 1,000,000 shares in the company, valued at $4,250,000. The trade was a 8.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 14.50% of the company's stock.

Relmada Therapeutics Profile

Relmada Therapeutics, Inc is a clinical-stage biotechnology company focused on developing therapies for central nervous system disorders. The company's research has primarily centered on treatments for depression and other conditions involving the brain and nervous system.

Relmada's lead investigational product is REL-1017, also known as esmethadone or dextromethadone. The orally administered compound is being studied as a potential treatment for major depressive disorder and is designed to modulate the N-methyl-D-aspartate (NMDA) receptor.

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