Truist analyst Joon Lee lowered the firm’s price target on Relmada Therapeutics to $4 from $7 and keeps a Hold rating on the shares. The analyst cites the company announcement that its second Phase 3 trial of REL-1017 in MDD, as adjunctive therapy, RELIANCE I, has failed, which comes in the wake of the first Phase 3 failure as monotherapy in RELIANCE III trial. Lee adds that he sees "little to no prospects" of RELIANCE II working and views the prospects of REL-1017 as "poor", reducing his price target to reflect the company’s current cash per share value.
Published first on TheFly
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