Relmada Therapeutics (NASDAQ:RLMD) Trading Down 1.4% - Should You Sell?

Shares of Relmada Therapeutics, Inc. (NASDAQ:RLMD - Get Free Report) 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 were traded during trading, a decline of 14% from the average session volume of 179,426 shares. The stock had previously closed at $2.76.

Analyst Ratings Changes

Separately, Jefferies Financial Group raised shares of Relmada Therapeutics from a "hold" rating to a "buy" rating and lifted their price target for the stock from $3.50 to $13.00 in a report on Tuesday, September 17th.

Relmada Therapeutics Stock Performance

The firm has a 50 day moving average price of $3.34 and a two-hundred day moving average price of $3.22.

Insider Buying and Selling at Relmada Therapeutics

In related news, Director Charles J. Casamento acquired 13,000 shares of the company's stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average price of $2.56 per share, with a total value of $33,280.00. Following the acquisition, the director now owns 13,000 shares of the company's stock, valued at approximately $33,280. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sergio Traversa bought 55,579 shares of Relmada Therapeutics stock in a transaction on Monday, September 9th. The shares were bought at an average cost of $2.71 per share, with a total value of $150,619.09. Following the acquisition, the chief executive officer now directly owns 299,603 shares in the company, valued at approximately $811,924.13. This represents a 22.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 152,300 shares of company stock valued at $429,655 over the last three months. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relmada Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings 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 acquiring an additional 53,767 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Relmada Therapeutics by 1.0% in the second quarter. Acadian Asset Management LLC now owns 1,193,333 shares of the company's stock worth $3,577,000 after purchasing an additional 12,147 shares during the period. State Board of Administration of Florida Retirement System purchased a new stake in shares of Relmada Therapeutics in the first quarter worth $70,000. SG Americas Securities LLC bought a new stake in Relmada Therapeutics during the first quarter valued at $53,000. Finally, AdvisorShares Investments LLC grew its position in Relmada Therapeutics by 28.5% during the second quarter. AdvisorShares Investments LLC now owns 90,028 shares of the company's stock worth $276,000 after buying an additional 19,975 shares in the last quarter. 45.24% of the stock is owned by hedge funds and other institutional investors.

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.