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

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD) fell 1.4% during mid-day trading on Tuesday . The stock 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.

Analyst Upgrades and Downgrades

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

Relmada Therapeutics Stock Performance

The firm’s 50 day moving average is $3.34 and its 200-day moving average is $3.22. The stock has a market capitalization of $82.06 million, a price-to-earnings ratio of -0.95 and a beta of 0.41.

Insider Buying and Selling at Relmada Therapeutics

In other Relmada Therapeutics news, Director Charles J. Casamento bought 13,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average price of $2.56 per share, for a total transaction of $33,280.00. Following the transaction, the director now directly owns 13,000 shares of the company’s stock, valued at approximately $33,280. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Maged Shenouda purchased 24,120 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was bought at an average cost of $2.95 per share, for a total transaction of $71,154.00. Following the purchase, the chief financial officer now directly owns 88,335 shares in the company, valued at $260,588.25. This trade represents a 37.56 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 152,300 shares of company stock valued at $429,655. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted 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 buying an additional 44,004 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Relmada Therapeutics by 99.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 157,672 shares of the company’s stock worth $511,000 after purchasing an additional 78,779 shares in the last quarter. HighTower Advisors LLC acquired a new position in Relmada Therapeutics in the 3rd quarter valued at $32,000. FMR LLC lifted its holdings in Relmada Therapeutics by 29.0% in the 3rd 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. Finally, Renaissance Technologies LLC boosted 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 worth $266,000 after purchasing an additional 53,767 shares during the last quarter. Institutional investors and hedge funds own 45.24% of the company’s stock.

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.