Short Interest in Relmada Therapeutics, Inc. (NASDAQ:RLMD) Rises By 61.9%

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totaling 6,042,204 shares, a growth of 61.9% from the March 15th total of 3,731,201 shares. Based on an average trading volume of 1,357,138 shares, the short-interest ratio is currently 4.5 days. Approximately 7.3% of the shares of the company are sold short.

Relmada Therapeutics Price Performance

Shares of Relmada Therapeutics stock traded down $0.11 during trading on Wednesday, hitting $7.08. The stock had a trading volume of 252,174 shares, compared to its average volume of 1,490,811. The firm has a market cap of $742.52 million, a P/E ratio of -4.89 and a beta of 0.44. The business has a fifty day moving average of $5.51 and a two-hundred day moving average of $4.22. Relmada Therapeutics has a fifty-two week low of $0.27 and a fifty-two week high of $7.94.

Relmada Therapeutics (NASDAQ:RLMD) last released its earnings results on Thursday, March 19th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.13). As a group, research analysts forecast that Relmada Therapeutics will post -2.73 earnings per share for the current year.

Institutional Trading of Relmada Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in RLMD. AdvisorShares Investments LLC boosted its holdings in Relmada Therapeutics by 1.8% during the third quarter. AdvisorShares Investments LLC now owns 403,488 shares of the company’s stock worth $811,000 after buying an additional 6,974 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Relmada Therapeutics in the fourth quarter valued at $64,000. Renaissance Technologies LLC lifted its position in shares of Relmada Therapeutics by 9.0% during the 4th quarter. Renaissance Technologies LLC now owns 185,000 shares of the company’s stock valued at $894,000 after acquiring an additional 15,300 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Relmada Therapeutics during the 4th quarter valued at $85,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Relmada Therapeutics during the 4th quarter worth $105,000. 45.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on RLMD. Mizuho raised their price target on Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, March 20th. Zacks Research upgraded shares of Relmada Therapeutics to a “hold” rating in a research report on Tuesday, January 27th. Lucid Cap Mkts raised shares of Relmada Therapeutics to a “strong-buy” rating in a research note on Monday, March 2nd. Piper Sandler assumed coverage on shares of Relmada Therapeutics in a research report on Tuesday, March 24th. They set an “overweight” rating and a $12.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Relmada Therapeutics in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Relmada Therapeutics has a consensus 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.