Bank of New York Mellon Corp Makes New Investment in Relmada Therapeutics, Inc. $RLMD

Key Points

• Bank of New York Mellon acquired 295,623 shares of Relmada Therapeutics worth approximately $2.05 million, representing a 0.28% stake. Hedge funds and institutional investors collectively own 45.24% of RLMD.
• RLMD opened at $4.25, below its 50-day moving average of $5.19 and 200-day moving average of $6.06. The company reported a quarterly loss of $0.11 per share, beating the consensus estimate of a $0.20 loss.
• Analysts maintain a consensus “Moderate Buy” rating with a $12.00 price target, while Relmada continues developing REL-1017 for major depressive disorder and other central nervous system conditions.

Bank of New York Mellon Corp bought a new position in shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 295,623 shares of the company's stock, valued at approximately $2,046,000. Bank of New York Mellon Corp owned 0.28% of Relmada Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RLMD. Goldman Sachs Group Inc. bought a new stake in Relmada Therapeutics in the first quarter worth about $33,000. XTX Topco Ltd purchased a new stake in shares of Relmada Therapeutics during the 2nd quarter worth approximately $28,000. Marshall Wace LLP bought a new stake in shares of Relmada Therapeutics in the 2nd quarter worth approximately $93,000. Jane Street Group LLC purchased a new position in Relmada Therapeutics in the second quarter valued at approximately $69,000. Finally, LMR Partners LLP purchased a new position in Relmada Therapeutics in the second quarter valued at approximately $33,000. 45.24% of the stock is owned by hedge funds and other institutional investors.

Relmada Therapeutics Price Performance

NASDAQ:RLMD opened at $4.25 on Wednesday. Relmada Therapeutics, Inc. has a 1 year low of $1.44 and a 1 year high of $8.00. The stock's fifty day moving average price is $5.19 and its two-hundred day moving average price is $6.06. The company has a market cap of $453.35 million, a P/E ratio of -4.72 and a beta of 0.45.

Relmada Therapeutics (NASDAQ:RLMD - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.09. On average, analysts expect that Relmada Therapeutics, Inc. will post -0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RLMD has been the subject of several research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Relmada Therapeutics in a report on Thursday, June 18th. HC Wainwright began coverage on Relmada Therapeutics in a research note on Thursday, June 18th. They set a "buy" rating and a $12.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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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