Relmada Shares Continue Downward Spiral After Downgrades

MT Newswires Live
06 Dec 2024

Relmada Therapeutics (RLMD) shares continued falling on Thursday after some analysts downgraded its stock following failure in late-stage trial of anti-depressant candidate.

Mizuho downgraded the stock to neutral from outperform and slashed its price target to $1 from $23, while Leerink Partners lowered its rating to market perform from outperform, also with a $1 price target.

Relmada on Wednesday said that an independent data monitoring committee has determined that a late-stage study of REL-1017 as an adjunctive treatment for major depressive disorder is "futile." The company will determine its next steps after assessing the full dataset.

The company's stock was down nearly 16% in recent trading after falling more than 70% on Wednesday.

Price: 0.53, Change: -0.10, Percent Change: -15.71

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