Shares of Relmada Therapeutics Inc. (NASDAQ: RLMD) surged in premarket trading on March 6, 2023, following the announcement of positive interim results from its Phase 2 clinical trial of NDV-01, which aims to treat non-muscle invasive bladder cancer. The data revealed a complete response rate of 76% across all patients, with even higher rates of 80% observed among those unresponsive to Bacillus Calmette-Guerin (BCG) treatment.
The interim findings, which included a complete response rate of 95% for high-risk bladder cancer patients, significantly bolster the case for advancing NDV-01 into the Phase 3 RESCUE registrational program. This program is designed to address the treatment needs of patients who have limited options available.
Convenient Administration and Safety Profile
An important aspect of NDV-01 is its ease of administration. The treatment requires less than five minutes to administer and does not necessitate anesthesia, a factor that could enhance its uptake among urology practices. The safety profile and high response rates observed in the trial suggest that NDV-01 may become a leading option for patients suffering from high-risk non-muscle invasive bladder cancer.
In addition to the trial results, Relmada Therapeutics has announced a private placement of approximately $160 million. The company plans to sell around 29.5 million shares at $4.75 per share, alongside pre-funded warrants for 4.2 million shares at $4.749 per warrant.
Stock Performance and Analyst Ratings
The stock has demonstrated impressive performance over the past year, currently trading 65.9% above its 20-day simple moving average (SMA) and 87.2% above its 100-day SMA. The relative strength index (RSI) sits at 54.02, indicating a neutral territory, while the Moving Average Convergence Divergence (MACD) is at 0.1692, above its signal line of 0.1353, suggesting bullish momentum. The combination of a neutral RSI and a positive MACD indicates potential stability with an upward trajectory.
Analysts are optimistic about the stock’s future, with a consensus rating of “Buy” and an average price target of $26.54. Recent analyst actions include a “Buy” initiation from LUCID CAPITAL MARKETS with a target of $14.00 on March 2, 2023, and an upgrade to “Outperform” from Leerink Partners with a target of $8.00 on January 23, 2023.
As of the latest trading session, shares of Relmada Therapeutics were up 47.19% at $6.55 during premarket trading, marking a new 52-week high. According to data from Benzinga Pro, the current momentum indicates strong investor interest in the company’s promising developments.
Overall, the combination of favorable trial results and strategic financial moves positions Relmada Therapeutics as a significant player in the biopharmaceutical landscape, particularly for the treatment of bladder cancer.
