Relmada Sees Price Target Bump From Leerink, Truist After Positive Data From MDD Candidate

SVB Leerink maintains an Outperform rating on Relmada Therapeutics Inc RLMD shares as the Human Liability Potential study data was about "as good as we could have hoped for," with no evidence of abuse potential.
Analyst Marc Goodman believes this data should give confidence to the investment community that REL-1017 will probably end up as a Schedule IV or V, which would be great news.
Several experts confirmed that the data was supportive of this low scheduling on the conference call, Goodman adds.
Given the weak stock performance recently, the analyst would expect Relmada to bounce back and move into the $35-$40 range in the near term.
Truist raised the price target on Relmada to $90 from $75 and kept a Buy rating (upside of more than 250%).
Analyst Joon Lee notes that the HAP study comparing REL-1017 against IV ketamine is expected to start in 2H21.
The management expects similar likability scores for REL-1017, while IV Ketamine is likely to yield a likability score over 65, implying that 25mg and 75mg will likely separate with statistical significance.
Price Action: RLMD shares are down 3.86% at $24.15 during the market session on the last check Tuesday.

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