On Friday’s trading session, Relmada Therapeutics Inc (OTCMKTS:RLMD) opened lower in early morning trade but then gained some ground to close in green territory. The stock price surged more than 1.48% to close at $2.74. The volume was at lower side with almost 223,312shares traded. Relmada is a late-stage Pharma working on novel forms of treatment to alleviate pain.
Relmada Therapeutics Inc (OTCMKTS:RLMD) has extended product pipeline and most of them are in Phase 2 testing. As per the last financial reported, the Biopharma company recorded $31.4 million in cash. The company posted loss of $4.3 million in the quarter. It is evident from the financial numbers that it has enough cash to fund its ongoing trials and studies. The company is the outcome of Camp Nine, Inc. that went for a reverse merger with Relmada. The surviving entity was named as Relmada and was listed with ticker RLMD.
Even though Relmada reflects features of normal OTC Pharma companies, its movement on the technical chart results in aggravated concern. From last few weeks, Relmada stock price witnessed rise in trading volumes. It was much better than the average volume of 193,564. The company even managed to outpace average volume in last trading session. The move surprised investors as Relmada once never used to touch100, 000 shares in a single trading session.
The decline in recent days seems to be a pullback after a sharp surge in prices recorded after pump paper mailer. There was significant rise in volume in last week’s trading sessions and that is believed to be the result of the pump paper mailer which is in circulation. It is uniquely formatted as a newspaper. There is a disclaimer at the bottom clarifying that Gramercy Strategic Partners LLC paid almost $900,000 to promote RLMD stock. Utmost caution should be taken before considering any investment at this moment.