Mizuho sees weakness in Relmada Therapeutics shares as buying opportunity

Mizuho analyst Uy Ear notes that following Thursday’s corporate update, Relmada Therapeutics has meaningfully traded down intraday, which the firm sees as an overreaction and would Buy on weakness. Overall, Mizuho views the corporate update positively, given the potential for positive data from REL-1017 that could be transformational for Relmada in 2024. The firm does not expect the departure of the Chief Medical Office to cause a disruption to the ongoing Phase 3 trials for REL-1017. The company’s timeline for REL-1017 remains in alignment with Mizuho’s expectations for enrollment completion for RELIANCE II in the first half of 2024 with potential topline in the second half of the year and Relight by year-end of 2024, with top-line likely in early 2025. The firm has a Buy rating on the shares with a price target of $25.