Relmada Therapeutics, Inc. (NASDAQ:RLMD) Sees Significant Growth in Short Interest

Key Points

• Short interest in Relmada Therapeutics surged 75.7% in June to 10.65 million shares, with about 11.9% of the float now sold short and a days-to-cover ratio of 3.1 days.
• Analyst sentiment is mixed but generally constructive: the stock has a Moderate Buy consensus and an average price target of $12.00, despite a recent Sell rating from Weiss Ratings.
• RLMD shares were down 12.1% to $5.46, and the company recently reported a quarterly loss of $0.22 per share, missing analyst expectations.

Relmada Therapeutics, Inc. (NASDAQ:RLMD - Get Free Report) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 10,647,441 shares, a growth of 75.7% from the June 15th total of 6,060,018 shares. Approximately 11.9% of the company's shares are short sold. Based on an average daily trading volume, of 3,471,338 shares, the days-to-cover ratio is presently 3.1 days.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Relmada Therapeutics in a research report on Thursday, June 18th. Mizuho increased their target price on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, March 20th. Piper Sandler began coverage on shares of Relmada Therapeutics in a report on Tuesday, March 24th. They set an "overweight" rating and a $12.00 price target for the company. Finally, HC Wainwright assumed coverage on shares of Relmada Therapeutics in a research report on Thursday, June 18th. They issued a "buy" rating and a $12.00 price target on the stock. 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $12.00.

Institutional Trading of Relmada Therapeutics

Several hedge funds have recently modified their holdings of RLMD. State of Wyoming acquired a new position in shares of Relmada Therapeutics during the 1st quarter valued at $88,000. Keebeck Wealth Management acquired a new stake in Relmada Therapeutics in the first quarter worth $90,000. Schonfeld Strategic Advisors LLC bought a new stake in Relmada Therapeutics in the fourth quarter valued at $64,000. Virtu Financial LLC bought a new stake in Relmada Therapeutics in the fourth quarter valued at $85,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Relmada Therapeutics during the fourth quarter valued at about $105,000. Institutional investors own 45.24% of the company's stock.

Relmada Therapeutics Trading Down 12.1%

RLMD stock opened at $5.46 on Friday. The stock has a 50-day moving average price of $6.67 and a 200-day moving average price of $5.84. Relmada Therapeutics has a 1-year low of $0.55 and a 1-year high of $8.00. The firm has a market cap of $572.70 million, a PE ratio of -5.01 and a beta of 0.41.

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

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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