Relmada ‘still has a chance’ for positive depression data, says SVB

Relmada Therapeutics reported Q3 results and updated the timeline for REL-1017’s ongoing Phase 3 studies in adjunctive major depressive disorder, SVB Securities analyst Marc Goodman tells investors in a research note. The RELIANCE I trial has completed enrollment of 230 patients and remains on track to readout by year end without any changes, notes the analyst. Goodman says that while investors have very low expectations for the ongoing Phase 3 trials, he continues to believe that REL-1017 "still has a chance to report positive data." He remains "hopeful" for the upcoming RELIANCE I data in December and maintains an Outperform rating on Relmada with a $42 price target.