Relmada Therapeutics, Inc. (NASDAQ:RLMD) Short Interest Up 23.3% in March

Relmada Therapeutics, Inc. (NASDAQ:RLMDGet Rating) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 1,800,000 shares, a growth of 23.3% from the March 15th total of 1,460,000 shares. Based on an average daily volume of 303,500 shares, the days-to-cover ratio is currently 5.9 days.

Shares of RLMD traded up $0.33 during midday trading on Tuesday, hitting $26.00. 4,275 shares of the company traded hands, compared to its average volume of 291,300. The stock’s 50-day moving average is $23.08. Relmada Therapeutics has a one year low of $16.23 and a one year high of $40.00. The firm has a market cap of $765.26 million, a price-to-earnings ratio of -3.60 and a beta of 0.45.

Relmada Therapeutics (NASDAQ:RLMDGet Rating) last announced its quarterly earnings results on Wednesday, March 23rd. The company reported ($1.80) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.60) by ($0.20). During the same quarter in the previous year, the company posted ($1.28) earnings per share. On average, equities research analysts anticipate that Relmada Therapeutics will post -5.15 EPS for the current year.

In other Relmada Therapeutics news, Director Paul Edward Kelly sold 10,000 shares of the business’s stock in a transaction on Monday, April 4th. The shares were sold at an average price of $30.04, for a total transaction of $300,400.00. Following the completion of the sale, the director now owns 187,295 shares in the company, valued at approximately $5,626,341.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 11.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Relmada Therapeutics by 14.5% during the fourth quarter. BlackRock Inc. now owns 1,385,235 shares of the company’s stock valued at $31,211,000 after buying an additional 174,994 shares during the period. Point72 Asset Management L.P. increased its position in shares of Relmada Therapeutics by 330.1% during the fourth quarter. Point72 Asset Management L.P. now owns 946,313 shares of the company’s stock valued at $21,320,000 after buying an additional 726,313 shares during the period. Parsons Capital Management Inc. RI increased its position in shares of Relmada Therapeutics by 6.4% in the fourth quarter. Parsons Capital Management Inc. RI now owns 503,412 shares of the company’s stock worth $11,342,000 after purchasing an additional 30,438 shares during the last quarter. Morgan Stanley increased its position in shares of Relmada Therapeutics by 1,604.7% in the third quarter. Morgan Stanley now owns 449,341 shares of the company’s stock worth $11,777,000 after purchasing an additional 422,982 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Relmada Therapeutics by 35.6% in the fourth quarter. Geode Capital Management LLC now owns 343,957 shares of the company’s stock worth $7,749,000 after purchasing an additional 90,254 shares during the last quarter. Hedge funds and other institutional investors own 52.89% of the company’s stock.

A number of equities analysts have issued reports on RLMD shares. The Goldman Sachs Group cut their price objective on shares of Relmada Therapeutics from $69.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, March 24th. Zacks Investment Research raised shares of Relmada Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, March 26th. Finally, SVB Leerink cut their price target on shares of Relmada Therapeutics from $50.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, December 20th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $38.11.

About Relmada Therapeutics (Get Rating)

Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system (CNS) diseases and other disorders. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a new chemical entity and N-methyl-D-aspartate receptor antagonist that is in Phase 3 clinical trials for the adjunctive or monotherapy treatment of major depressive disorder in adults.

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