Relmada’s stock tumbles 80% after its depressive disorder drug failed a late-stage study

Shares of Relmada Therapeutics Inc. RLMD, -78.23% fell 80.0% in premarket trading on Thursday after the biotech said its experimental treatment for major depressive disorder as a monotherapy did not meet the primary endpoint in a Phase 3 clinical trial. The company said it is still enrolling patients in two other late-stage studies assessing the therapy as an adjunctive treatment. Relmada’s stock is up 40.6% this year, while the broader S&P 500 SPX, +2.10% is down 24.7%.