Steve Cohen Buys 7.3% Of Relmada After Stock Fell 80% Last Week
Point72 goes bottom fishing for one of the year’s biggest losers
Steve Cohen’s Point72 Asset Management, L.P. said last week it bought 2.1 million shares, or 7.3%, of Relmada Therapeutics Inc (NASDAQ:RLMD), a biotech stock that recently fell 80% after a bad clinical trial.
Relmada’s Stock Tumbles
Relmada shares tumbled more than 75% on Thursday after the biotechnology company said its most promising drug failed in late stage testing.
Q3 2022 hedge fund letters, conferences and more
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The company said its REL-1017 candidate for treating depression, in some cases performed less well than the test's placebo.
What are other large shareholders doing?
Rtw Investments, LP holds 2,637,581 shares representing 8.77% ownership of the company. In its prior filing, the firm reported owning 2,540,074 shares, representing an increase of 3.70%. The firm decreased its portfolio allocation in RLMD by 8.79% over the last quarter.
V.R. Adviser, LLC holds 2,270,072 shares representing 7.55% ownership of the company. No change in the last quarter.
BlackRock Inc. holds 2,152,911 shares representing 7.16% ownership of the company. In its prior filing, the firm reported owning 1,952,808 shares, representing an increase of 9.29%. The firm decreased its portfolio allocation in RLMD by 92.60% over the last quarter.
Ra Capital Management, LP holds 2,000,000 shares representing 6.65% ownership of the company. No change in the last quarter.
Bvf Inc/il holds 1,659,220 shares representing 5.52% ownership of the company. In its prior filing, the firm reported owning 1,647,400 shares, representing an increase of 0.71%. The firm decreased its portfolio allocation in RLMD by 14.44% over the last quarter.
What is the overall institutional sentiment?
There are 266 funds or institutions reporting positions in Relmada Therapeutics Inc. This is an increase of 18 owner(s) or 7.26%.
Average portfolio weight of all funds dedicated to Relmada Therapeutics Inc is 0.1599%, a decrease of 3.8926%. Total shares owned by institutions increased in the last three months by 6.99% to 25,074,838 shares.
Article by Fintel
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