Relmada Therapeutics (NASDAQ:RLMD) Upgraded at Jefferies Financial Group

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

Separately, The Goldman Sachs Group lowered shares of Relmada Therapeutics from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $3.00 to $2.00 in a report on Wednesday, June 5th.

Relmada Therapeutics Stock Performance

RLMD opened at $3.03 on Tuesday. Relmada Therapeutics has a 52-week low of $1.88 and a 52-week high of $7.22. The firm has a market cap of $91.42 million, a P/E ratio of -0.97 and a beta of 0.50. The business’s fifty day moving average is $3.21 and its 200-day moving average is $3.71.

Relmada Therapeutics (NASDAQ:RLMD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.59) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.24. During the same period last year, the company earned ($0.84) earnings per share. On average, research analysts predict that Relmada Therapeutics will post -2.39 earnings per share for the current fiscal year.

Insider Activity

In other Relmada Therapeutics news, CEO Sergio Traversa bought 51,407 shares of the stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $2.99 per share, for a total transaction of $153,706.93. Following the completion of the acquisition, the chief executive officer now owns 384,024 shares in the company, valued at approximately $1,148,231.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Maged Shenouda acquired 24,120 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were bought at an average price of $2.95 per share, with a total value of $71,154.00. Following the transaction, the chief financial officer now directly owns 88,335 shares of the company’s stock, valued at $260,588.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sergio Traversa bought 51,407 shares of Relmada Therapeutics stock in a transaction dated Wednesday, September 11th. The stock was purchased at an average price of $2.99 per share, with a total value of $153,706.93. Following the completion of the purchase, the chief executive officer now owns 384,024 shares in the company, valued at $1,148,231.76. The disclosure for this purchase can be found here. Insiders have acquired 152,300 shares of company stock valued at $429,655 in the last ninety days. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of Relmada Therapeutics by 14.6% during the second quarter. American Century Companies Inc. now owns 31,618 shares of the company’s stock worth $95,000 after purchasing an additional 4,027 shares during the period. SG Americas Securities LLC acquired a new position in Relmada Therapeutics during the first quarter worth $53,000. Acadian Asset Management LLC lifted its stake in shares of Relmada Therapeutics by 1.0% in the second quarter. Acadian Asset Management LLC now owns 1,193,333 shares of the company’s stock valued at $3,577,000 after buying an additional 12,147 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new position in shares of Relmada Therapeutics during the first quarter valued at about $70,000. Finally, AdvisorShares Investments LLC increased its position in shares of Relmada Therapeutics by 28.5% during the second quarter. AdvisorShares Investments LLC now owns 90,028 shares of the company’s stock worth $276,000 after acquiring an additional 19,975 shares in the last quarter. 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.