Relmada Therapeutics, Inc. (NASDAQ:RLMD) Sees Significant Growth in Short Interest

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the target of a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 10,647,441 shares, an increase of 75.7% from the June 15th total of 6,060,018 shares. Based on an average daily trading volume, of 3,471,338 shares, the days-to-cover ratio is currently 3.1 days. Currently, 11.9% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. HC Wainwright began coverage on Relmada Therapeutics in a research note on Thursday, June 18th. They issued a “buy” rating and a $12.00 price objective for the company. Piper Sandler initiated coverage on Relmada Therapeutics in a research report on Tuesday, March 24th. They set an “overweight” rating and a $12.00 target price on the stock. Mizuho lifted their price target on shares of Relmada Therapeutics from $10.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Relmada Therapeutics in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Relmada Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Relmada Therapeutics Trading Down 12.1%

Shares of Relmada Therapeutics stock opened at $5.46 on Friday. The company has a market capitalization of $572.70 million, a P/E ratio of -5.01 and a beta of 0.41. The stock has a fifty day simple moving average of $6.67 and a 200 day simple moving average of $5.84. Relmada Therapeutics has a 12-month low of $0.55 and a 12-month high of $8.00.

Relmada Therapeutics (NASDAQ:RLMD) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.04). On average, analysts predict that Relmada Therapeutics will post -0.82 EPS for the current year.

Institutional Investors Weigh In On Relmada Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC bought a new position in shares of Relmada Therapeutics during the 4th quarter worth approximately $35,041,000. Squadron Capital Management LLC purchased a new stake in Relmada Therapeutics in the fourth quarter worth $32,361,000. Adage Capital Partners GP L.L.C. bought a new stake in Relmada Therapeutics in the 4th quarter valued at about $20,624,000. Spruce Street Capital LP purchased a new stake in shares of Relmada Therapeutics during the 4th quarter valued at approximately $19,736,000. Finally, Marshall Wace LLP lifted its position in shares of Relmada Therapeutics by 1,072.4% during the fourth 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 institutional investors.

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.