--- title: "A Look At Relmada Therapeutics (RLMD) Valuation After NDV‑01 Phase 2 Bladder Cancer Data" type: "News" locale: "en" url: "https://longbridge.com/en/news/278575663.md" description: "Relmada Therapeutics (RLMD) has gained attention following positive Phase 2 data for NDV-01 in bladder cancer, showing strong response rates and safety. The stock surged 61.12% in one day, closing at $7.17, below the analyst target of $10.75, indicating potential undervaluation. However, the high price-to-book ratio of 55.5x suggests market expectations are high, with risks if future trials disappoint. Investors are advised to evaluate the trade-offs and consider broader investment opportunities in the healthcare sector." datetime: "2026-03-10T14:34:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278575663.md) - [en](https://longbridge.com/en/news/278575663.md) - [zh-HK](https://longbridge.com/zh-HK/news/278575663.md) --- # A Look At Relmada Therapeutics (RLMD) Valuation After NDV‑01 Phase 2 Bladder Cancer Data ## Phase 2 NDV-01 data and what it could mean for Relmada Therapeutics (RLMD) Relmada Therapeutics (RLMD) has drawn fresh attention after reporting 12 month interim Phase 2 data for NDV-01 in high risk non muscle invasive bladder cancer, showing strong complete response rates and a favorable safety profile. See our latest analysis for Relmada Therapeutics. The NDV-01 update and recent Leerink healthcare conference appearance came alongside a sharp shift in sentiment, with Relmada Therapeutics’ 1 day share price return of 61.12% at a last close of US$7.17, contributing to an 84.79% 30 day share price return and a very large 1 year total shareholder return that contrasts with weaker 5 year total shareholder returns. If this jump around clinical news has your attention, it could be a good moment to broaden your search and check out our 32 healthcare AI stocks as another set of ideas in the healthcare space. After such a sharp move on the NDV-01 data and a price still below the average analyst target of US$10.75, you have to ask: is Relmada undervalued here, or is the market already pricing in the next leg of growth? ## Most Popular Narrative: 33.3% Undervalued Relmada Therapeutics’ last close at $7.17 sits well below the most followed fair value estimate of $10.75, which hinges heavily on NDV-01’s long term potential. > _The high and recurring burden of non muscle invasive bladder cancer, with about 85,000 new U.S. bladder cancer cases each year and roughly 80% classified as NMIBC, supports long term demand for therapies like NDV-01 that could be used across high risk and intermediate risk settings. This would be most visible in future revenue potential if late stage trials are successful._ Read the complete narrative. Want to see how that single clinical program anchors the $10.75 view? The narrative leans on future revenue build, margin expansion and a very punchy profit multiple. Curious which assumptions have to hold together to support that gap to today’s price? **Result: Fair Value of $10.75 (UNDERVALUED)** Have a read of the narrative in full and understand what's behind the forecasts. However, this story can change quickly if late stage NDV-01 or sepranolone data disappoints, or if Relmada’s funding needs lead to heavier than expected dilution. Find out about the key risks to this Relmada Therapeutics narrative. ## Another View: Rich on Book Value The analyst narrative points to a 33.3% gap to fair value, but the market is telling a very different story if you look at P/B. Relmada trades around 55.5x book value versus roughly 2x for the US Pharmaceuticals industry and 2.5x for peers, which implies a lot of success is already priced in. That kind of premium suggests less room for disappointment if things take longer or cost more than expected, so the question is whether you are comfortable paying such a high multiple for a company with no current revenue and ongoing losses. See what the numbers say about this price — find out in our valuation breakdown. NasdaqCM:RLMD P/B Ratio as at Mar 2026 ## Next Steps With the story pulling in different directions, you may want to move quickly and evaluate the trade-off yourself using our breakdown of 1 key reward and 5 important warning signs. ## Looking for more investment ideas? If one clinical update can move a stock this much, it can be useful to widen your net and line up a few more well researched contenders on your watchlist. - Explore potential opportunities by scanning our screener containing 23 high quality undiscovered gems that pair solid fundamentals with quieter market attention. - Prioritise resilience first and check our 63 resilient stocks with low risk scores to find companies flagged with lower overall risk scores. - Build a core watchlist around quality by reviewing the solid balance sheet and fundamentals stocks screener (41 results) that highlight businesses with stronger financial footing. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** AI Stock Screener & Alerts Our new AI Stock Screener scans the market every day to uncover opportunities. • Dividend Powerhouses (3%+ Yield) • Undervalued Small Caps with Insider Buying • High growth Tech and AI Companies Or build your own from over 50 metrics. 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