Relmada Therapeutics downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Relmada Therapeutics to Sell from Neutral with a price target of $2, down from $3, ahead of Phase 3 RELIANCE II data in adjunctive major depressive disorder. The analyst sees increased risk associated with the date expected in the second half of 2025, noting potential impact from the same “trial execution missteps” that led to the failure of the two prior Phase 3 RELIANCE I and RELIANCE III trials in which “implausible results” were observed and potential underpowering of the study. Further, recent key opinion leader conversations point to continued hesitation to prescribe REL-1017, even if approved, the analyst tells investors in a research note.