Relmada Therapeutics (NASDAQ:RLMD) Releases Earnings Results, Misses Expectations By $0.04 EPS

Relmada Therapeutics (NASDAQ:RLMD) issued its quarterly earnings results on Tuesday. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.04), FiscalAI reports.

Relmada Therapeutics Stock Up 1.2%

Shares of NASDAQ RLMD traded up $0.09 during trading hours on Tuesday, reaching $7.45. 1,441,579 shares of the stock traded hands, compared to its average volume of 1,433,515. The company has a market capitalization of $781.43 million, a P/E ratio of -5.14 and a beta of 0.43. Relmada Therapeutics has a 52-week low of $0.36 and a 52-week high of $8.00. The company’s 50-day simple moving average is $6.62 and its two-hundred day simple moving average is $4.84.

Hedge Funds Weigh In On Relmada Therapeutics

Large investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new position in shares of Relmada Therapeutics during the 4th quarter valued at about $199,000. ADAR1 Capital Management LLC purchased a new position in shares of Relmada Therapeutics during the 4th quarter valued at about $149,000. Mangrove Partners IM LLC purchased a new position in shares of Relmada Therapeutics during the 4th quarter valued at about $132,000. Hudson Bay Capital Management LP purchased a new position in shares of Relmada Therapeutics during the 4th quarter valued at about $127,000. Finally, Graham Capital Management L.P. purchased a new position in shares of Relmada Therapeutics during the 4th quarter valued at about $124,000. 45.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RLMD has been the subject of a number of research analyst reports. Lucid Cap Mkts upgraded Relmada Therapeutics to a “strong-buy” rating in a research report on Monday, March 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Relmada Therapeutics in a research report on Wednesday, January 28th. Mizuho lifted their price target on Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Piper Sandler initiated coverage on Relmada Therapeutics in a research report on Tuesday, March 24th. They set an “overweight” rating and a $12.00 price target for the company. Finally, Leerink Partners upgraded Relmada Therapeutics from a “market perform” rating to an “outperform” rating and set a $8.00 price target for the company in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.00.

Relmada Therapeutics Company Profile

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.