Leerink Partners Reaffirms “Market Perform” Rating for Relmada Therapeutics (NASDAQ:RLMD)

Leerink Partners reissued their market perform rating on shares of Relmada Therapeutics (NASDAQ:RLMD) in a report released on Wednesday morning,Benzinga reports. The firm currently has a $1.00 target price on the stock, down from their previous target price of $10.00.

RLMD has been the subject of a number of other reports. Mizuho reaffirmed a “neutral” rating and issued a $1.00 target price (down from $23.00) on shares of Relmada Therapeutics in a research note on Thursday. Jefferies Financial Group upgraded Relmada Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the company from $3.50 to $13.00 in a research note on Tuesday, September 17th.

Relmada Therapeutics Trading Down 77.3 %

Shares of NASDAQ:RLMD opened at $0.63 on Wednesday. Relmada Therapeutics has a twelve month low of $0.62 and a twelve month high of $7.22. The company’s 50 day moving average is $3.29 and its 200 day moving average is $3.21. The company has a market cap of $19.01 million, a PE ratio of -0.22 and a beta of 0.35.

Insiders Place Their Bets

In other news, Director Charles J. Casamento bought 13,000 shares of Relmada Therapeutics stock in a transaction on Monday, September 9th. The shares were bought at an average price of $2.56 per share, with a total value of $33,280.00. Following the acquisition, the director now directly owns 13,000 shares in the company, valued at approximately $33,280. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sergio Traversa bought 55,579 shares of Relmada Therapeutics stock in a transaction on Monday, September 9th. The shares were purchased at an average cost of $2.71 per share, for a total transaction of $150,619.09. Following the acquisition, the chief executive officer now owns 299,603 shares in the company, valued at $811,924.13. The trade was a 22.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 152,300 shares of company stock worth $429,655 over the last three months. 18.00% of the stock is owned by insiders.

Institutional Trading of Relmada Therapeutics

Several hedge funds have recently made changes to their positions in RLMD. American Century Companies Inc. increased its position in Relmada Therapeutics by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 31,618 shares of the company’s stock valued at $95,000 after acquiring an additional 4,027 shares during the period. HighTower Advisors LLC acquired a new position in shares of Relmada Therapeutics during the 3rd quarter valued at $32,000. Acadian Asset Management LLC increased its position in shares of Relmada Therapeutics by 1.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,193,333 shares of the company’s stock valued at $3,577,000 after purchasing an additional 12,147 shares during the period. AdvisorShares Investments LLC increased its position in shares of Relmada Therapeutics by 28.5% during the 2nd quarter. AdvisorShares Investments LLC now owns 90,028 shares of the company’s stock valued at $276,000 after purchasing an additional 19,975 shares during the period. Finally, FMR LLC increased its position in shares of Relmada Therapeutics by 29.0% during the 3rd quarter. FMR LLC now owns 116,544 shares of the company’s stock valued at $378,000 after purchasing an additional 26,185 shares during the period. Institutional investors own 45.24% of the company’s stock.

About Relmada Therapeutics

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.