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