ADAR1 Capital Management LLC Takes Position in Relmada Therapeutics, Inc. $RLMD

Key Points

• ADAR1 Capital Management initiated a position in Relmada Therapeutics by purchasing 451,918 shares valued at approximately $3.1 million, representing about 0.42% of the company. Institutional investors collectively own 45.24% of RLMD.
• Relmada reported a quarterly loss of $0.11 per share, beating analysts’ expected loss of $0.20. Analysts forecast a full-year loss of approximately $0.60 per share.
• RLMD has a “Moderate Buy” consensus rating and an average price target of $12, versus its recent share price of $4.59. The clinical-stage biopharmaceutical company is developing REL-1017 for major depressive disorder and other central nervous system conditions.

ADAR1 Capital Management LLC bought a new stake in shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 451,918 shares of the company's stock, valued at approximately $3,127,000. ADAR1 Capital Management LLC owned approximately 0.42% of Relmada Therapeutics at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. XTX Topco Ltd purchased a new position in Relmada Therapeutics in the second quarter valued at about $28,000. LMR Partners LLP purchased a new position in Relmada Therapeutics in the 2nd quarter worth approximately $33,000. Goldman Sachs Group Inc. purchased a new position in Relmada Therapeutics in the 1st quarter worth approximately $33,000. Legal & General Group Plc acquired a new stake in Relmada Therapeutics in the second quarter valued at approximately $64,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Relmada Therapeutics in the fourth quarter valued at approximately $64,000. 45.24% of the stock is owned by hedge funds and other institutional investors.

Relmada Therapeutics Stock Performance

Shares of RLMD stock opened at $4.59 on Wednesday. Relmada Therapeutics, Inc. has a one year low of $0.60 and a one year high of $8.00. The company's 50-day simple moving average is $5.65 and its 200-day simple moving average is $6.02. The stock has a market capitalization of $489.62 million, a price-to-earnings ratio of -5.10 and a beta of 0.46.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RLMD shares. Weiss Ratings restated a "sell (d-)" rating on shares of Relmada Therapeutics in a research note on Thursday, June 18th. HC Wainwright began coverage on Relmada Therapeutics in a report on Thursday, June 18th. They issued a "buy" rating and a $12.00 price target 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 assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $12.00.

About Relmada Therapeutics

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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