Relmada Therapeutics (NASDAQ:RLMD) Stock Price Down 1.4% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

Relmada Therapeutics Stock Performance

The firm has a market capitalization of $82.06 million, a PE ratio of -0.95 and a beta of 0.41. The company has a fifty day simple moving average of $3.34 and a two-hundred day simple moving average of $3.22.

Insider Buying and Selling

In other news, Director Charles J. Casamento purchased 13,000 shares of the stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of $2.56 per share, for a total transaction of $33,280.00. Following the acquisition, the director now owns 13,000 shares of the company’s stock, valued at approximately $33,280. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sergio Traversa acquired 55,579 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was purchased 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 approximately $811,924.13. The trade was a 22.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 152,300 shares of company stock valued at $429,655 over the last three months. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relmada Therapeutics

Several institutional investors have recently bought and sold shares of RLMD. HighTower Advisors LLC purchased a new position in Relmada Therapeutics in the 3rd quarter worth $32,000. SG Americas Securities LLC purchased a new stake in Relmada Therapeutics in the first quarter valued at approximately $53,000. State Board of Administration of Florida Retirement System acquired a new position in Relmada Therapeutics in the 1st quarter worth approximately $70,000. American Century Companies Inc. raised its position in Relmada Therapeutics by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 31,618 shares of the company’s stock worth $95,000 after buying an additional 4,027 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in 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. 45.24% of the stock is currently owned by institutional investors and hedge funds.

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.