Relmada Therapeutics (NASDAQ:RLMD) Rating Lowered to Hold at Leerink Partnrs

Leerink Partnrs lowered shares of Relmada Therapeutics (NASDAQ:RLMD) from a strong-buy rating to a hold rating in a report issued on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group upgraded Relmada Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.50 to $13.00 in a report on Tuesday, September 17th. Mizuho reissued a “neutral” rating and set a $1.00 price target (down from $23.00) on shares of Relmada Therapeutics in a research report on Thursday. Finally, Leerink Partners reissued a “market perform” rating and issued a $1.00 price target (down previously from $10.00) on shares of Relmada Therapeutics in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $4.25.

Relmada Therapeutics Price Performance

Shares of NASDAQ:RLMD opened at $0.46 on Wednesday. Relmada Therapeutics has a one year low of $0.43 and a one year high of $7.22. The stock has a market cap of $13.80 million, a price-to-earnings ratio of -0.16 and a beta of 0.35. The company has a 50 day moving average of $3.17 and a 200-day moving average of $3.17.

Insider Activity

In related news, Director Charles J. Casamento purchased 13,000 shares of Relmada Therapeutics stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average cost of $2.56 per share, with a total value of $33,280.00. Following the completion of the transaction, the director now owns 13,000 shares of the company’s stock, valued at approximately $33,280. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Maged Shenouda purchased 24,120 shares of the stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $2.95 per share, for a total transaction of $71,154.00. Following the transaction, the chief financial officer now directly owns 88,335 shares in the company, valued at approximately $260,588.25. The trade was a 37.56 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 152,300 shares of company stock worth $429,655 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its holdings in shares of Relmada Therapeutics by 28.6% during the third quarter. Franklin Resources Inc. now owns 1,302,151 shares of the company’s stock worth $4,362,000 after acquiring an additional 289,490 shares during the period. Acadian Asset Management LLC grew its holdings in Relmada Therapeutics by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,193,333 shares of the company’s stock valued at $3,577,000 after buying an additional 12,147 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Relmada Therapeutics by 16.9% during the third quarter. Geode Capital Management LLC now owns 304,502 shares of the company’s stock worth $987,000 after buying an additional 44,004 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Relmada Therapeutics by 99.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 157,672 shares of the company’s stock valued at $511,000 after acquiring an additional 78,779 shares during the period. Finally, FMR LLC grew its stake in shares of Relmada Therapeutics by 29.0% in the third quarter. FMR LLC now owns 116,544 shares of the company’s stock valued at $378,000 after acquiring an additional 26,185 shares in the last quarter. 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.