Relmada Therapeutics (NASDAQ:RLMD) Trading 1.2% Higher - Here's Why

Key Points

• Relmada Therapeutics' stock increased by 1.2%, closing at $1.67 after trading as high as $1.75, with a significant decline in trading volume compared to its average.
• Wall Street analysts have upgraded the company from a "sell" to a "hold" rating, with a consensus target price of $1.00.
• The company reported a loss of ($0.30) earnings per share, missing estimates, while forecasting a greater loss of ($2.73) EPS for the current fiscal year.

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD - Get Free Report) traded up 1.2% during trading on Tuesday . The stock traded as high as $1.75 and last traded at $1.67. 313,670 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,811,638 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Relmada Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $1.00.

Relmada Therapeutics Price Performance

The company has a market capitalization of $55.43 million, a price-to-earnings ratio of -0.75 and a beta of 0.74. The stock has a 50 day moving average price of $0.95 and a two-hundred day moving average price of $0.64.

Relmada Therapeutics (NASDAQ:RLMD - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.05). Sell-side analysts forecast that Relmada Therapeutics, Inc. will post -2.73 EPS for the current fiscal year.

Institutional Trading of Relmada Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RLMD. Corient Private Wealth LLC acquired a new stake in Relmada Therapeutics in the second quarter worth about $120,000. Marshall Wace LLP acquired a new stake in Relmada Therapeutics in the second quarter worth about $93,000. Goldman Sachs Group Inc. acquired a new stake in Relmada Therapeutics in the first quarter worth about $33,000. AdvisorShares Investments LLC increased its position in Relmada Therapeutics by 43.4% in the second quarter. AdvisorShares Investments LLC now owns 396,514 shares of the company's stock worth $238,000 after purchasing an additional 120,000 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Relmada Therapeutics in the second quarter worth about $69,000. 45.24% of the stock is currently owned by institutional investors and hedge funds.

Relmada Therapeutics Company Profile

Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system diseases (CNS) and other disorders in the United States. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a N-methyl-D-aspartate receptor antagonist which is in phase 3 clinical trial for the adjunctive or monotherapy treatment of major depressive disorder.

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