Zacks Investment Research Upgrades Relmada Therapeutics (NASDAQ:RLMD) to “Hold”

Relmada Therapeutics (NASDAQ:RLMDGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Relmada Therapeutics Inc. is a clinical stage, public specialty pharmaceutical company. The Company is developing LevoCap ER, an abuse resistant, once-a-day sustained release dosage form of the opioid analgesic levorphanol; d-methadone, the NDMA receptor antagonist for neurophatic pain; BuTab ER, an oral dosage form of the opioid analgesic buprenorphine and MepiGel, a FDA Orphan Drug designated topical formulation of the local anesthetic mepivacaine. Relmada Therapeutics Inc. is based in New York. “

A number of other analysts also recently issued reports on RLMD. Oppenheimer decreased their price target on Relmada Therapeutics from $75.00 to $64.00 in a report on Monday, May 9th. The Goldman Sachs Group decreased their price target on Relmada Therapeutics from $69.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, March 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $42.43.

NASDAQ:RLMD opened at $19.31 on Wednesday. The firm has a market cap of $579.13 million, a PE ratio of -2.68 and a beta of 0.51. The stock has a fifty day moving average price of $24.22 and a 200 day moving average price of $21.53. Relmada Therapeutics has a 12-month low of $16.23 and a 12-month high of $39.66.

Relmada Therapeutics (NASDAQ:RLMDGet Rating) last released its earnings results on Wednesday, March 23rd. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.20). During the same quarter in the previous year, the firm posted ($1.28) earnings per share. Equities analysts anticipate that Relmada Therapeutics will post -5.41 earnings per share for the current fiscal year.

In other news, Director Paul Edward Kelly sold 10,000 shares of Relmada Therapeutics stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $30.04, for a total transaction of $300,400.00. Following the sale, the director now owns 187,295 shares in the company, valued at $5,626,341.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.50% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of RLMD. Nisa Investment Advisors LLC raised its stake in Relmada Therapeutics by 14.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,077 shares of the company’s stock valued at $93,000 after acquiring an additional 651 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in Relmada Therapeutics by 55.1% during the 1st quarter. Ameritas Investment Partners Inc. now owns 1,926 shares of the company’s stock valued at $52,000 after acquiring an additional 684 shares during the last quarter. Deutsche Bank AG raised its stake in Relmada Therapeutics by 5.2% during the 3rd quarter. Deutsche Bank AG now owns 16,481 shares of the company’s stock valued at $432,000 after acquiring an additional 820 shares during the last quarter. Byrne Asset Management LLC raised its stake in Relmada Therapeutics by 15.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,675 shares of the company’s stock valued at $180,000 after acquiring an additional 875 shares during the last quarter. Finally, Swiss National Bank raised its stake in Relmada Therapeutics by 3.6% during the 3rd quarter. Swiss National Bank now owns 26,000 shares of the company’s stock valued at $681,000 after acquiring an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 76.11% of the company’s stock.

Relmada Therapeutics Company Profile (Get Rating)

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

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