Relmada Therapeutics (NASDAQ:RLMD) Rating Increased to Buy at Jefferies Financial Group

Relmada Therapeutics (NASDAQ:RLMD) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Tuesday, FinViz reports. The firm presently has a $13.00 target price on the stock, up from their prior target price of $3.50. Jefferies Financial Group’s price objective indicates a potential upside of 329.04% from the company’s previous close.

Separately, The Goldman Sachs Group downgraded Relmada Therapeutics from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.00 to $2.00 in a research note on Wednesday, June 5th.

Relmada Therapeutics Price Performance

Shares of RLMD stock opened at $3.03 on Tuesday. The firm has a 50-day moving average of $3.21 and a 200-day moving average of $3.71. Relmada Therapeutics has a one year low of $1.88 and a one year high of $7.22. The company has a market cap of $91.42 million, a P/E ratio of -0.97 and a beta of 0.50.

Relmada Therapeutics (NASDAQ:RLMD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($0.83) by $0.24. During the same quarter in the previous year, the business posted ($0.84) earnings per share. As a group, research analysts expect that Relmada Therapeutics will post -2.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Relmada Therapeutics

In other news, CEO Sergio Traversa acquired 51,407 shares of Relmada Therapeutics stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $2.99 per share, with a total value of $153,706.93. Following the completion of the acquisition, the chief executive officer now owns 384,024 shares in the company, valued at $1,148,231.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Charles J. Casamento acquired 13,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average price of $2.56 per share, with a total value of $33,280.00. Following the acquisition, the director now owns 13,000 shares in the company, valued at approximately $33,280. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sergio Traversa acquired 51,407 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average price of $2.99 per share, for a total transaction of $153,706.93. Following the completion of the purchase, the chief executive officer now directly owns 384,024 shares in the company, valued at approximately $1,148,231.76. The disclosure for this purchase can be found here. Insiders have purchased a total of 152,300 shares of company stock worth $429,655 over the last three months. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relmada Therapeutics

Several large investors have recently modified their holdings of the business. Vestal Point Capital LP bought a new position in Relmada Therapeutics in the 4th quarter worth approximately $476,000. ADAR1 Capital Management LLC purchased a new stake in shares of Relmada Therapeutics during the fourth quarter worth $243,000. Opaleye Management Inc. boosted its holdings in shares of Relmada Therapeutics by 2,823.3% in the fourth quarter. Opaleye Management Inc. now owns 877,000 shares of the company’s stock worth $3,631,000 after acquiring an additional 847,000 shares during the period. SG Americas Securities LLC purchased a new position in shares of Relmada Therapeutics in the first quarter valued at $53,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Relmada Therapeutics during the 1st quarter valued at $70,000. Hedge funds and other institutional investors own 45.24% of the company’s stock.

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.