Shares of Relmada Therapeutics Inc (OTCMKTS:RLMD) rose 5.8% during mid-day trading on Thursday . The stock traded as high as $40.00 and last traded at $39.80. Approximately 105,802 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 143,146 shares. The stock had previously closed at $37.62.
RLMD has been the topic of several research analyst reports. Zacks Investment Research upgraded Relmada Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, July 22nd. Oppenheimer initiated coverage on Relmada Therapeutics in a report on Monday, July 13th. They issued an “outperform” rating and a $75.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $67.17.
The company has a fifty day moving average price of $37.31 and a two-hundred day moving average price of $39.44.
In related news, Director Charles J. Casamento sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $34.74, for a total value of $104,220.00. Following the transaction, the director now directly owns 55,173 shares in the company, valued at $1,916,710.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. RTW Investments LP raised its position in Relmada Therapeutics by 50.4% in the second quarter. RTW Investments LP now owns 1,480,852 shares of the company’s stock valued at $66,268,000 after purchasing an additional 496,310 shares during the period. RA Capital Management L.P. raised its position in Relmada Therapeutics by 81.2% in the first quarter. RA Capital Management L.P. now owns 1,379,988 shares of the company’s stock valued at $47,071,000 after purchasing an additional 618,322 shares during the period. VR Adviser LLC purchased a new stake in shares of Relmada Therapeutics during the first quarter worth $28,748,000. Vanguard Group Inc. increased its position in shares of Relmada Therapeutics by 19.3% during the second quarter. Vanguard Group Inc. now owns 691,652 shares of the company’s stock worth $30,951,000 after acquiring an additional 111,794 shares during the period. Finally, BlackRock Inc. increased its position in shares of Relmada Therapeutics by 234.0% during the first quarter. BlackRock Inc. now owns 478,013 shares of the company’s stock worth $16,304,000 after acquiring an additional 334,900 shares during the period.
About Relmada Therapeutics (OTCMKTS:RLMD)
Relmada Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing drugs to treat central nervous system (CNS) diseases and other disorders in the United States. Its lead product candidate, d-Methadone, is being developed as a rapidly acting, oral agent for the treatment of depression, neuropathic pain, and/or other potential CNS pathological conditions.
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