Relmada Therapeutics (NASDAQ:RLMD) Stock Price Down 1.4% – Should You Sell?

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD) fell 1.4% during mid-day trading on Tuesday . The company traded as low as $2.67 and last traded at $2.72. 154,366 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 179,426 shares. The stock had previously closed at $2.76.

Analysts Set New Price Targets

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

Relmada Therapeutics Stock Up 6.6 %

The company has a market capitalization of $87.50 million, a PE ratio of -1.01 and a beta of 0.41. The firm has a 50-day moving average of $3.33 and a two-hundred day moving average of $3.22.

Insider Activity

In other news, Director Charles J. Casamento bought 13,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average price of $2.56 per share, for a total transaction of $33,280.00. Following the completion of the transaction, the director now owns 13,000 shares of the company’s stock, valued at approximately $33,280. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Maged Shenouda bought 24,120 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $2.95 per share, for a total transaction of $71,154.00. Following the transaction, the chief financial officer now directly owns 88,335 shares of the company’s stock, valued at approximately $260,588.25. This represents a 37.56 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 152,300 shares of company stock worth $429,655. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Relmada Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC lifted its stake in Relmada Therapeutics by 153.6% in the 2nd quarter. Renaissance Technologies LLC now owns 88,775 shares of the company’s stock valued at $266,000 after buying an additional 53,767 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Relmada Therapeutics by 1.0% in the 2nd 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 Relmada Therapeutics in the 1st quarter valued at $70,000. SG Americas Securities LLC acquired a new position in Relmada Therapeutics in the 1st quarter valued at $53,000. Finally, AdvisorShares Investments LLC raised its holdings in Relmada Therapeutics by 28.5% in the 2nd quarter. AdvisorShares Investments LLC now owns 90,028 shares of the company’s stock valued at $276,000 after acquiring an additional 19,975 shares during the last quarter. Hedge funds and other 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.