Relmada Therapeutics (NASDAQ:RLMD) Shares Gap Down - Time to Sell?

Key Points

• Relmada reported strong 12‑month Phase 2 interim results for NDV‑01 — 76% complete response (CR) at 12 months overall and 80% CR in BCG‑unresponsive patients with no ≥Grade‑3 treatment‑related adverse events — and plans to advance NDV‑01 into a Phase‑3 registrational program in mid‑2026, backed by an oversubscribed $160M PIPE to improve near‑term funding visibility.
• Despite the positive data and financing, the stock gapped down (closed $7.17, opened $6.73, last $6.89) on heavy volume; investors face potential dilution from the PIPE and mixed analyst opinions (average rating: Moderate Buy, $9 target).

Relmada Therapeutics, Inc. (NASDAQ:RLMD - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.17, but opened at $6.73. Relmada Therapeutics shares last traded at $6.89, with a volume of 1,882,271 shares changing hands.

Relmada Therapeutics News Summary

Here are the key news stories impacting Relmada Therapeutics this week:

• Positive Sentiment: 12‑month Phase 2 interim data for NDV‑01 in non‑muscle invasive bladder cancer showed durable complete response rates (76% CR at 12 months overall; 80% CR at 12 months in BCG‑unresponsive patients) with a favorable safety profile and no ≥ Grade 3 treatment‑related adverse events — the company plans to advance NDV‑01 into a Phase 3 registrational program in mid‑2026. Read More.
• Positive Sentiment: Relmada announced an oversubscribed $160.0M PIPE with participation from several prominent life‑science investors (Venrock, RA Capital, OrbiMed, Janus Henderson, etc.), improving near‑term funding visibility for the planned registrational program and other programs. Read More.
• Neutral Sentiment: Market and media reaction: multiple outlets reported large intraday/pre‑market jumps (articles noting 25–61% moves), reflecting investor re‑rating on the data and financing; this coverage likely increased retail and institutional attention and trading volume. Read More.
• Neutral Sentiment: Company investor outreach: management is presenting at the Leerink Partners Global Healthcare Conference this week, providing an opportunity to discuss the data, the Phase 3 plan and financing with investors and analysts. Read More.
• Negative Sentiment: Potential dilution risk: while the $160M PIPE secures funding, it will dilute existing shareholders when executed — a common investor concern that can temper upside after the initial data‑driven rally. Read More.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RLMD shares. Weiss Ratings restated a "sell (e+)" rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Jefferies Financial Group started coverage on Relmada Therapeutics in a research note on Monday, December 22nd. They issued a "buy" rating and a $9.00 price target on the stock. Lucid Cap Mkts raised shares of Relmada Therapeutics to a "strong-buy" rating in a research note on Monday, March 2nd. Zacks Research raised shares of Relmada Therapeutics to a "hold" rating in a research report on Tuesday, January 27th. Finally, Leerink Partners upgraded Relmada Therapeutics from a "market perform" rating to an "outperform" rating and set a $8.00 price objective for the company in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Relmada Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $9.00.

Relmada Therapeutics Stock Performance

The stock has a market cap of $510.96 million, a PE ratio of -3.88 and a beta of 0.72. The business's fifty day moving average price is $4.18 and its 200-day moving average price is $3.26.

Insider Transactions at Relmada Therapeutics

In other Relmada Therapeutics news, CFO Maged Shenouda bought 11,665 shares of the business's stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average cost of $4.12 per share, for a total transaction of $48,059.80. Following the completion of the transaction, the chief financial officer owned 800,000 shares of the company's stock, valued at $3,296,000. This represents a 1.48% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 20.70% of the company's stock.

Institutional Trading of Relmada Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RLMD. Janus Henderson Group PLC bought a new position in Relmada Therapeutics during the 4th quarter valued at about $35,041,000. Squadron Capital Management LLC purchased a new position in shares of Relmada Therapeutics during the fourth quarter valued at $32,361,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Relmada Therapeutics in the 4th quarter worth approximately $20,624,000. Spruce Street Capital LP bought a new stake in Relmada Therapeutics during the 4th quarter valued at $19,736,000. Finally, Marshall Wace LLP grew its stake in Relmada Therapeutics by 1,072.4% in the fourth quarter. Marshall Wace LLP now owns 3,189,662 shares of the company's stock valued at $15,406,000 after purchasing an additional 2,917,609 shares during the last quarter. 45.24% of the stock is currently owned by institutional investors.

Relmada Therapeutics Company 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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