The Goldman Sachs Group Downgrades Relmada Therapeutics (NASDAQ:RLMD) to Sell

Relmada Therapeutics (NASDAQ:RLMDGet Free Report) was downgraded by The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $2.00 target price on the stock, down from their previous target price of $3.00. The Goldman Sachs Group’s price target would suggest a potential downside of 34.21% from the stock’s current price.

Relmada Therapeutics Trading Up 2.7 %

RLMD opened at $3.04 on Wednesday. Relmada Therapeutics has a 1-year low of $2.36 and a 1-year high of $7.22. The company has a market cap of $91.72 million, a P/E ratio of -0.97 and a beta of 0.39. The company has a fifty day moving average price of $3.81 and a two-hundred day moving average price of $4.04.

Relmada Therapeutics (NASDAQ:RLMDGet Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.18. On average, research analysts forecast that Relmada Therapeutics will post -3.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Relmada Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Guild Investment Management Inc. increased its position in shares of Relmada Therapeutics by 3.3% during the fourth quarter. Guild Investment Management Inc. now owns 212,100 shares of the company’s stock worth $878,000 after acquiring an additional 6,800 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Relmada Therapeutics during the first quarter worth about $53,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Relmada Therapeutics by 4.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 270,396 shares of the company’s stock worth $1,119,000 after acquiring an additional 11,387 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of Relmada Therapeutics during the first quarter worth about $70,000. Finally, Parsons Capital Management Inc. RI increased its position in shares of Relmada Therapeutics by 2.5% during the first quarter. Parsons Capital Management Inc. RI now owns 973,520 shares of the company’s stock worth $4,527,000 after acquiring an additional 23,679 shares in the last quarter. 45.24% of the stock is owned by institutional investors.

Relmada Therapeutics Company Profile

(Get Free Report)

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.

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