Here's Why Relmada Therapeutics Shares Are Rising

Relmada Therapeutics Inc RLMD shares are trading higher by 7.2% at $25.01 after the company reported better-than-expected fourth-quarter EPS results.

Relmada Therapeutics reported quarterly losses of $1.80 per share which beat the analyst consensus estimate of a loss of $1.83. Goldman Sachs Thursday maintained Relmada Therapeutics with a Buy and lowered the price target from $69 to $53.

"We are pleased by the significant progress achieved throughout 2021 in advancing our lead program, REL-1017, and we expect 2022 to be a catalyst-rich year for Relmada," said Sergio Traversa, Relmada's Chief Executive Officer. 

"Importantly, we have now successfully completed two human abuse potential (HAP) studies which confirmed no meaningful abuse potential of REL-1017 compared to oxycodone and ketamine, consistent with previously reported data and the DEA statement on esmethadone," Traversa stated.

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Relmada Therapeutics is a clinical-stage biotechnology company. It is engaged in developing chemical entities with novel versions of drug products that address areas of high unmet medical need in the treatment of central nervous system diseases.

Relmada Therapeutics has a 52-week high of $40.00 and a 52-week low of $16.22.