Relmada Therapeutics assumed at Outperform from Market Perform at Leerink

Leerink upgraded Relmada Therapeutics (RLMD) to Outperform from Market Perform with an $8 price target as the analyst assumed coverage of the stock. The clinical-stage biotechnology company is focused on non- muscle invasive bladder cancer following the in-licensing of NDV-01 last March and is pursuing two development paths for NDV-01, second-line BCG-unresponsive high-risk NMIBC and adjuvant therapy following TURBT in intermediate-risk NMIBC, the analyst tells investors. The post-BCG indication represents “a competitive but well-validated regulatory entry point,” while the adjuvant intermediaterisk NMIBC opportunity represents the larger long-term value driver, adds the analyst, who estimates the two indications collectively represent about $2.3B in non risk adjusted peak sales.