BlackRock Inc. Makes New Investment in Relmada Therapeutics, Inc. $RLMD

Key Points

• BlackRock acquired 7.43 million Relmada Therapeutics shares in the second quarter, worth about $51.4 million and representing approximately 7.08% of the company.
• Institutional and hedge-fund ownership stands at 45.24%, while RLMD recently reported a quarterly loss of $0.11 per share—better than the $0.20 consensus estimate.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and a $12 price target, although the stock recently opened at $4.36 and remains a clinical-stage biotech developing REL-1017 for major depressive disorder.

BlackRock Inc. purchased a new position in shares of 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 purchased 7,426,780 shares of the company's stock, valued at approximately $51,393,000. BlackRock Inc. owned approximately 7.08% of Relmada Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. XTX Topco Ltd acquired a new stake in shares of Relmada Therapeutics in the second quarter valued at about $28,000. LMR Partners LLP acquired a new position in Relmada Therapeutics during the second quarter valued at approximately $33,000. Goldman Sachs Group Inc. acquired a new position in Relmada Therapeutics during the first quarter valued at approximately $33,000. Schonfeld Strategic Advisors LLC bought a new position in Relmada Therapeutics in the fourth quarter valued at approximately $64,000. Finally, Jane Street Group LLC bought a new position in Relmada Therapeutics in the second quarter valued at approximately $69,000. 45.24% of the stock is currently owned by institutional investors and hedge funds.

Relmada Therapeutics Stock Performance

Shares of RLMD stock opened at $4.36 on Tuesday. Relmada Therapeutics, Inc. has a 52 week low of $0.82 and a 52 week high of $8.00. The company has a market capitalization of $465.08 million, a price-to-earnings ratio of -4.84 and a beta of 0.46. The company has a 50-day simple moving average of $5.47 and a 200 day simple moving average of $6.03.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RLMD shares. HC Wainwright began coverage on shares of Relmada Therapeutics in a report on Thursday, June 18th. They set a "buy" rating and a $12.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Relmada Therapeutics in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Relmada Therapeutics presently has an average rating of "Moderate Buy" and a consensus 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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