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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on RLMD:
- Relmada Therapeutics’ REL-1017 in depressive disorder did not reach endpoint
- Relmada Therapeutics call volume above normal and directionally bullish
- Relmada ‘still has a chance’ for positive depression data, says SVB
- Relmada Therapeutics reports Q3 EPS ($1.31), consensus ($1.45)
- Relmada Therapeutics Provides Corporate Update and Reports Third Quarter 2022 Financial Results