Short Interest in Relmada Therapeutics, Inc. (NASDAQ:RLMD) Drops By 24.8%

Relmada Therapeutics, Inc. (NASDAQ:RLMD) saw a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 836,254 shares, a drop of 24.8% from the February 12th total of 1,111,415 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 658,665 shares, the short-interest ratio is currently 1.3 days. Based on an average daily trading volume, of 658,665 shares, the short-interest ratio is currently 1.3 days. Approximately 1.4% of the shares of the stock are short sold.

Insider Buying and Selling

In other Relmada Therapeutics news, CFO Maged Shenouda bought 11,665 shares of Relmada Therapeutics stock in a transaction that occurred on Monday, December 15th. The stock was acquired at an average cost of $4.12 per share, for a total transaction of $48,059.80. Following the completion of the transaction, the chief financial officer directly owned 800,000 shares in the company, valued at $3,296,000. This represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 20.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relmada Therapeutics

Several hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC purchased a new stake in Relmada Therapeutics in the fourth quarter worth about $35,041,000. Squadron Capital Management LLC purchased a new position in shares of Relmada Therapeutics during the 4th quarter worth approximately $32,361,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Relmada Therapeutics during the 4th quarter worth approximately $20,624,000. Spruce Street Capital LP bought a new position in shares of Relmada Therapeutics in the 4th quarter worth approximately $19,736,000. Finally, Marshall Wace LLP raised its position in shares of Relmada Therapeutics by 1,072.4% in the 4th quarter. Marshall Wace LLP now owns 3,189,662 shares of the company’s stock worth $15,406,000 after acquiring an additional 2,917,609 shares in the last quarter. 45.24% of the stock is owned by hedge funds and other institutional investors.

Relmada Therapeutics Stock Performance

Shares of RLMD stock traded down $0.24 on Friday, hitting $5.91. 1,265,968 shares of the company’s stock traded hands, compared to its average volume of 2,985,810. The stock has a market capitalization of $433.38 million, a price-to-earnings ratio of -3.28 and a beta of 0.72. The company’s fifty day simple moving average is $4.31 and its 200 day simple moving average is $3.38. Relmada Therapeutics has a one year low of $0.24 and a one year high of $7.51.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RLMD. Jefferies Financial Group initiated coverage on Relmada Therapeutics in a research report on Monday, December 22nd. They set a “buy” rating and a $9.00 price target for the company. Zacks Research upgraded shares of Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Leerink Partners raised shares of Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 target price on the stock in a research note on Friday, January 23rd. Lucid Cap Mkts raised shares of Relmada Therapeutics to a “strong-buy” rating in a research note on Monday, March 2nd. Finally, Mizuho set a $10.00 target price on shares of Relmada Therapeutics in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Relmada Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

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.