Relmada Therapeutics, Inc. (NASDAQ:RLMD) Short Interest Down 34.8% in June

Relmada Therapeutics, Inc. (NASDAQ:RLMD) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 1,010,000 shares, a decline of 34.8% from the June 15th total of 1,550,000 shares. Based on an average daily volume of 104,700 shares, the days-to-cover ratio is presently 9.6 days.

Relmada Therapeutics Trading Down 1.8 %

NASDAQ:RLMD traded down $0.08 during midday trading on Friday, reaching $4.28. 10,521 shares of the company traded hands, compared to its average volume of 190,964. Relmada Therapeutics has a twelve month low of $2.41 and a twelve month high of $7.22. The company has a fifty day moving average price of $3.24 and a 200 day moving average price of $4.13.

Relmada Therapeutics (NASDAQ:RLMD) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.18. Equities research analysts predict that Relmada Therapeutics will post -3.04 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RLMD. SG Americas Securities LLC acquired a new position in Relmada Therapeutics during the 1st quarter worth $53,000. State Board of Administration of Florida Retirement System acquired a new position in Relmada Therapeutics during the 1st quarter worth $70,000. ADAR1 Capital Management LLC acquired a new position in Relmada Therapeutics during the 4th quarter worth $243,000. Vestal Point Capital LP acquired a new position in Relmada Therapeutics during the 4th quarter worth $476,000. Finally, Guild Investment Management Inc. boosted its position in Relmada Therapeutics by 3.3% during the 4th 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 during the period. Institutional investors and hedge funds own 45.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lowered Relmada Therapeutics from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.00 to $2.00 in a research report on Wednesday, June 5th.

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.