Relmada Therapeutics, Inc. (NASDAQ:RLMD) Sees Large Decline in Short Interest

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the target of a significant drop in short interest in January. As of January 15th, there was short interest totalling 1,250,000 shares, a drop of 24.2% from the December 31st total of 1,650,000 shares. Based on an average daily trading volume, of 1,000,000 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RLMD shares. Leerink Partners reissued a “market perform” rating and issued a $1.00 price objective (down previously from $10.00) on shares of Relmada Therapeutics in a research report on Wednesday, December 4th. Mizuho reiterated a “neutral” rating and set a $1.00 price target (down previously from $23.00) on shares of Relmada Therapeutics in a report on Thursday, December 5th. Finally, Leerink Partnrs lowered Relmada Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.25.

Relmada Therapeutics Stock Performance

Shares of RLMD stock traded down $0.01 during midday trading on Friday, hitting $0.35. 341,645 shares of the company were exchanged, compared to its average volume of 549,269. The firm has a market capitalization of $10.53 million, a P/E ratio of -0.12 and a beta of 0.51. Relmada Therapeutics has a 52 week low of $0.34 and a 52 week high of $7.22. The firm’s 50 day moving average price is $0.76 and its two-hundred day moving average price is $2.36.

Relmada Therapeutics (NASDAQ:RLMD) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.07). During the same period in the prior year, the company posted ($0.73) earnings per share. Analysts expect that Relmada Therapeutics will post -2.73 EPS for the current year.

Institutional Investors Weigh In On Relmada Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of RLMD. Franklin Resources Inc. boosted its stake in shares of Relmada Therapeutics by 28.6% in the third quarter. Franklin Resources Inc. now owns 1,302,151 shares of the company’s stock valued at $4,362,000 after buying an additional 289,490 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of Relmada Therapeutics by 99.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 157,672 shares of the company’s stock valued at $511,000 after acquiring an additional 78,779 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Relmada Therapeutics by 153.6% during the 2nd quarter. Renaissance Technologies LLC now owns 88,775 shares of the company’s stock worth $266,000 after purchasing an additional 53,767 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Relmada Therapeutics by 16.9% in the third quarter. Geode Capital Management LLC now owns 304,502 shares of the company’s stock worth $987,000 after purchasing an additional 44,004 shares during the period. Finally, FMR LLC raised its stake in Relmada Therapeutics by 29.0% in the third quarter. FMR LLC now owns 116,544 shares of the company’s stock valued at $378,000 after purchasing an additional 26,185 shares in the last quarter. Institutional investors and hedge funds 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.