Relmada spikes as Steve Cohen’s Point72 discloses 7% stake

Relmada Therapeutics (NASDAQ:RLMD) added more than 8% into afternoon trading Monday after Point72 Asset Management, run by billionaire fund manager Steven Cohen disclosed 7.3% ownership in the clinical-stage biotech.
According to a 13-G filing submitted Monday, the hedge fund owns ~2.0M RLMD shares, including 68.8K shares underlying the call options as of Oct. 13.
The announcement comes days after RLMD shares plunged ~79% after the company said its depression candidate REL-1017 failed to improve symptoms compared to the placebo and meet the main goal in a late-stage trial involving patients with major depressive disorder.
RLMD, which had no Hold ratings on Wall Street for more than a year, drew five Hold ratings in October, including two downgrades from Truist and Guggenheim following the setback.