Relmada Therapeutics (NASDAQ:RLMD) Cut to Hold at Mizuho

Mizuho lowered shares of Relmada Therapeutics (NASDAQ:RLMD) from a strong-buy rating to a hold rating in a research report report published on Wednesday morning, MarketBeat.com reports. They currently have $1.00 price target on the stock, down from their previous price target of $23.00.

RLMD has been the topic of several other reports. Jefferies Financial Group upgraded 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 research note on Tuesday, September 17th. Leerink Partnrs lowered shares of Relmada Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, Leerink Partners reissued a “market perform” rating and issued a $1.00 price target (down previously from $10.00) on shares of Relmada Therapeutics in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.25.

Relmada Therapeutics Price Performance

Shares of NASDAQ RLMD opened at $0.46 on Wednesday. The company has a market capitalization of $13.80 million, a P/E ratio of -0.16 and a beta of 0.35. The business’s 50-day moving average price is $3.17 and its two-hundred day moving average price is $3.17. Relmada Therapeutics has a one year low of $0.43 and a one year high of $7.22.

Insider Activity

In other Relmada Therapeutics news, 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, with a total value of $150,619.09. Following the acquisition, the chief executive officer now directly owns 299,603 shares of the company’s stock, valued at $811,924.13. The trade was a 22.78 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles J. Casamento acquired 13,000 shares of the stock in a transaction dated Monday, September 9th. The stock was acquired at an average cost of $2.56 per share, with a total value of $33,280.00. Following the completion of the transaction, the director now owns 13,000 shares in the company, valued at approximately $33,280. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 152,300 shares of company stock worth $429,655. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relmada Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its holdings in shares of Relmada Therapeutics by 28.6% during the third quarter. Franklin Resources Inc. now owns 1,302,151 shares of the company’s stock worth $4,362,000 after purchasing an additional 289,490 shares during the period. Jacobs Levy Equity Management Inc. grew its stake 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 purchasing an additional 78,779 shares during the period. Renaissance Technologies LLC grew its stake 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 valued at $266,000 after acquiring an additional 53,767 shares during the period. Geode Capital Management LLC lifted its holdings in Relmada Therapeutics by 16.9% in the 3rd 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 in the last quarter. Finally, FMR LLC grew its position in shares of Relmada Therapeutics by 29.0% during 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 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.