Mizuho Reaffirms Neutral Rating for Relmada Therapeutics (NASDAQ:RLMD)

Relmada Therapeutics (NASDAQ:RLMD)‘s stock had its “neutral” rating reissued by equities researchers at Mizuho in a research report issued on Thursday,Benzinga reports. They currently have a $1.00 price objective on the stock, down from their prior price objective of $23.00. Mizuho’s price objective indicates a potential upside of 58.73% from the company’s current price.

Separately, Jefferies Financial Group upgraded shares of Relmada Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.50 to $13.00 in a report on Tuesday, September 17th.

Relmada Therapeutics Price Performance

Relmada Therapeutics stock opened at $0.63 on Thursday. The stock has a market cap of $19.01 million, a price-to-earnings ratio of -0.22 and a beta of 0.35. Relmada Therapeutics has a 1 year low of $0.62 and a 1 year high of $7.22. The firm has a 50-day moving average of $3.29 and a two-hundred day moving average of $3.21.

Insider Buying and Selling

In other news, Director Charles J. Casamento acquired 13,000 shares of Relmada Therapeutics stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of $2.56 per share, for a total transaction of $33,280.00. Following the purchase, the director now directly owns 13,000 shares in the company, valued at $33,280. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sergio Traversa bought 55,579 shares of the company’s stock in a transaction on Monday, September 9th. The shares were bought at an average cost of $2.71 per share, for a total transaction of $150,619.09. Following the transaction, 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 position. The disclosure for this purchase can be found here. Insiders bought a total of 152,300 shares of company stock worth $429,655 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Relmada Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLMD. HighTower Advisors LLC acquired a new position in Relmada Therapeutics during the third quarter worth $32,000. American Century Companies Inc. raised its position in 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 acquiring an additional 4,027 shares during the period. Renaissance Technologies LLC raised its position in Relmada Therapeutics by 153.6% during the second quarter. Renaissance Technologies LLC now owns 88,775 shares of the company’s stock worth $266,000 after acquiring an additional 53,767 shares during the period. AdvisorShares Investments LLC raised its position in 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 during the period. Finally, FMR LLC raised its position in Relmada Therapeutics by 29.0% during the third quarter. FMR LLC now owns 116,544 shares of the company’s stock worth $378,000 after acquiring an additional 26,185 shares during the period. 45.24% of the stock is owned by hedge funds and other institutional investors.

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.