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Relmada Therapeutics , Inc. (NASDAQ:RLMD) stock has plummeted to a 52-week low, reaching a distressing price level of $0.28, down from its 52-week high of $7.22. This significant downturn reflects a staggering 1-year change of -94.81%, with InvestingPro analysis suggesting the stock is currently undervalued based on its Fair Value assessment. Investors have watched with concern as Relmada Therapeutics, which focuses on developing novel treatments for central nervous system diseases, has faced a tumultuous market environment. While the company maintains a strong current ratio of 6.89 and holds more cash than debt, analysts forecast continued challenges with a consensus price target ranging from $0.60 to $1.00. The sharp decline in stock value over the past year has raised questions about the company’s future prospects and the broader biotech industry’s resilience. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report for deeper analysis of RLMD’s financial health and future potential.
In other recent news, Relmada Therapeutics has announced the acquisition of Sepranolone, a neurosteroid aimed at treating Tourette syndrome, from Asarina Pharma AB. The compound, which has shown promise in Phase 2a studies, is seen as a potential first-line treatment, offering a safer alternative to current therapies. This acquisition, valued at approximately 3 million EUR, aligns with Relmada’s strategic focus on central nervous system disorders. Mizuho (NYSE:MFG) analysts have maintained a Neutral rating on Relmada, noting the potential of the Sepranolone deal following the halt of REL-1017 development for depression. Relmada’s financial position, with around $54 million in cash, is expected to support the completion of upcoming Phase 2b trials for Sepranolone.
Additionally, Relmada faces a potential Nasdaq delisting due to non-compliance with the minimum bid price requirement. The company has been granted a 180-day period to regain compliance. In executive news, Relmada appointed Paul Kelly as COO and froze executive pay to reduce expenses. Mizuho downgraded Relmada from Outperform to Neutral, citing the futility of the REL-1017 Phase 3 trial for major depressive disorder. This has led to a significant reduction in the stock’s price target from $23 to $1.
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