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

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 1,780,000 shares, an increase of 67.9% from the November 30th total of 1,060,000 shares. Based on an average trading volume of 769,800 shares, the short-interest ratio is presently 2.3 days.

Relmada Therapeutics Price Performance

NASDAQ:RLMD traded up $0.02 during trading hours on Friday, reaching $0.38. 1,243,977 shares of the company traded hands, compared to its average volume of 347,208. The firm’s 50-day moving average is $2.21 and its 200-day moving average is $2.87. The stock has a market cap of $11.56 million, a P/E ratio of -0.13 and a beta of 0.35. Relmada Therapeutics has a 1-year low of $0.34 and a 1-year high of $7.22.

Institutional Trading of Relmada Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC purchased a new stake in Relmada Therapeutics in the 3rd quarter worth approximately $32,000. American Century Companies Inc. increased its stake in Relmada Therapeutics by 14.6% in the second quarter. American Century Companies Inc. now owns 31,618 shares of the company’s stock valued at $95,000 after purchasing an additional 4,027 shares during the last quarter. Renaissance Technologies LLC lifted 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 buying an additional 53,767 shares during the period. AdvisorShares Investments LLC lifted 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 buying an additional 19,975 shares during the period. Finally, FMR LLC boosted its stake in Relmada Therapeutics by 29.0% in the 3rd quarter. FMR LLC now owns 116,544 shares of the company’s stock worth $378,000 after buying an additional 26,185 shares during the last quarter. Hedge funds and other institutional investors own 45.24% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RLMD. Leerink Partners restated a “market perform” rating and set a $1.00 price target (down previously from $10.00) on shares of Relmada Therapeutics in a research note on Wednesday, December 4th. Mizuho reaffirmed a “neutral” rating and issued a $1.00 target price (down from $23.00) on shares of Relmada Therapeutics in a report on Thursday, December 5th. Jefferies Financial Group upgraded shares of Relmada Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the stock from $3.50 to $13.00 in a research note on Tuesday, September 17th. Finally, Leerink Partnrs downgraded shares of Relmada Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.25.

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.