Knott David M Jr Makes New $3.06 Million Investment in Relmada Therapeutics, Inc. $RLMD

Key Points

• Knott David M Jr opened a new position in Relmada Therapeutics, buying 439,300 shares worth about $3.06 million. The stake represents roughly 1.8% of his portfolio and about 0.42% of the company.
• Several other hedge funds also recently added RLMD shares, and institutional ownership now stands at 45.24%.
• Analysts are mixed on the stock, but the overall view is “Moderate Buy” with an average price target of $12.00. Relmada last traded at $5.20 and recently reported a quarterly EPS loss that missed estimates.

Knott David M Jr purchased a new position in shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 439,300 shares of the company's stock, valued at approximately $3,058,000. Relmada Therapeutics comprises approximately 1.8% of Knott David M Jr's portfolio, making the stock its 16th biggest holding. Knott David M Jr owned approximately 0.42% of Relmada Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. XTX Topco Ltd purchased a new position in Relmada Therapeutics during the second quarter valued at $28,000. Goldman Sachs Group Inc. bought a new stake in Relmada Therapeutics during the first quarter valued at about $33,000. LMR Partners LLP purchased a new stake in Relmada Therapeutics in the second quarter worth about $33,000. Schonfeld Strategic Advisors LLC purchased a new stake in Relmada Therapeutics in the fourth quarter worth about $64,000. Finally, Jane Street Group LLC bought a new position in shares of Relmada Therapeutics in the second quarter worth about $69,000. Institutional investors own 45.24% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RLMD shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Relmada Therapeutics in a research report on Thursday, June 18th. 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 issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

Relmada Therapeutics Stock Performance

Shares of Relmada Therapeutics stock opened at $5.20 on Friday. The company has a market capitalization of $545.43 million, a P/E ratio of -4.77 and a beta of 0.41. The company has a fifty day moving average of $6.45 and a 200 day moving average of $5.86. Relmada Therapeutics, Inc. has a fifty-two week low of $0.55 and a fifty-two week high of $8.00.

Relmada Therapeutics (NASDAQ:RLMD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.04). Analysts forecast that Relmada Therapeutics, Inc. will post -0.82 EPS for the current year.

Relmada Therapeutics 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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