SVB Leerink analyst Marc Goodman initiated coverage of Relmada Therapeutics with an Outperform rating and $50 price target. In a research note to investors, Goodman says Relmada's lead asset, REL-1017, has a novel mechanism of action with strong Phase 2 data without ketamine or methadone-like side effects, adding that depression is a significant market, but treatment-resistant depression forms a very high unmet need population with only three drugs currently approved. Additionally, Goodman says the company has a solid balance sheet and, with the recent equity raise, should be able to fund the Phase 3 TRD program for REL-1017 up to NDA filing. He expects Phase 3 updates on REL-1017 in TRD in 2020 to gain more clarity on the regulatory pathway of this product.

In this week's "Rising High," The Fly's recurring series focused on cannabis and psychedelic stock news, The Fly looks back on study dosing, a completed acquisition and a research partnership. ATAI ANNOUNCES DOSING... To see the rest of the story go to thefly.com. See Story Here