Mizuho upgrades Relmada to Outperform with ‘more upside’ ahead

Mizuho upgraded Relmada Therapeutics (RLMD) to Outperform from Neutral with a price target of $10, up from $1. The shares are up over 660% in 2025 due to excitement about NDV-01 but Mizuho sees “significantly more upside,” the analyst tells investors in a research note. The firm believes NDV-01 is “de-risked and differentiated” in non-muscle invasive bladder cancer, given its sustained-release formulation. It estimates $2B in peak sales for NDV-01.