Leerink analyst Marc Goodman downgraded Relmada Therapeutics (RLMD) to Market Perform from Outperform with a price target of $1, down from $10, after the company announced that the pre-planned interim analysis of Reliance II, conducted by the Independent Data Monitoring Committee, indicated that the Reliance II Phase 3 study is futile and is unlikely to meet the primary efficacy endpoint with statistical significance. The firm, which has removed REL-1017 revenues from its model and have added nominal revenues for RELP11 starting in 2032 while awaiting additional data, tells investors that based on today’s news “it makes sense to move to the sidelines.”
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