Relmada Therapeutics (NASDAQ:RLMD) Stock Price Down 10.5% - Here's What Happened

Key Points

• Relmada Therapeutics shares fell 10.5% on Thursday, trading as low as $5.52 after closing at $6.21 the prior day. Trading volume also came in below average.
• Despite mixed analyst views, the stock still carries a Moderate Buy consensus with an average price target of $12.00. Recent calls included buy/overweight ratings from Piper Sandler and HC Wainwright, while Weiss Ratings reiterated a sell rating.
• The company recently missed earnings expectations, reporting a quarterly loss of $0.22 per share versus the expected $0.18 loss. Relmada is a clinical-stage biopharmaceutical company focused on treatments for pain and CNS disorders, with REL-1017 in development for major depressive disorder.

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD - Get Free Report) dropped 10.5% on Thursday . The company traded as low as $5.52 and last traded at $5.5550. 1,242,023 shares traded hands during trading, a decline of 20% from the average session volume of 1,552,757 shares. The stock had previously closed at $6.21.

Wall Street Analysts Forecast Growth

RLMD has been the topic of several analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Relmada Therapeutics in a report on Thursday, June 18th. Piper Sandler initiated coverage on Relmada Therapeutics in a report on Tuesday, March 24th. They set an "overweight" rating and a $12.00 price target for the company. Mizuho lifted their price target on Relmada Therapeutics from $10.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, March 20th. Finally, HC Wainwright initiated coverage on shares of Relmada Therapeutics in a research note 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 issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $12.00.

Relmada Therapeutics Price Performance

The company has a market cap of $576.79 million, a P/E ratio of -5.05 and a beta of 0.41. The company's 50-day moving average is $6.71 and its two-hundred day moving average is $5.83.

Relmada Therapeutics (NASDAQ:RLMD - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.04). Equities research analysts anticipate that Relmada Therapeutics, Inc. will post -0.82 EPS for the current year.

Institutional Investors Weigh In On Relmada Therapeutics

Several institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new position in Relmada Therapeutics in the 1st quarter worth about $33,000. XTX Topco Ltd purchased a new stake in shares of Relmada Therapeutics during the 2nd quarter valued at about $28,000. Marshall Wace LLP purchased a new stake in shares of Relmada Therapeutics during the 2nd quarter valued at about $93,000. Jane Street Group LLC bought a new stake in shares of Relmada Therapeutics in the second quarter worth approximately $69,000. Finally, LMR Partners LLP bought a new stake in shares of Relmada Therapeutics in the second quarter worth approximately $33,000. 45.24% of the stock is owned by hedge funds and other institutional investors.

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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