Relmada Therapeutics (RLMD) bullish spread this week positioning for key data bought the August $30/$40 call spread 1000X for $3.65 and sold the June $30 calls for $1.30 to open. RLMD has seen 1000 July $22.50 calls bought recently with the May $25 calls sold. The $709M biotech has traded well in 2022 and forming a wide weekly base under $30. A breakout higher clears a long downtrend from the 2020 peak and has room to run to $35 and then $45. RLMD focuses on developing various products for the treatment of central nervous system (CNS) diseases and other disorders. Their lead program is REL-1017 which is in development for both treatment resistance depression and major depressive disorder in adults. REL-1017 is a rapid, oral, once-daily treatment that uniquely targets NMDAR channels associated with MDD and helps many patients who don’t respond to traditional treatments quickly. They also have run trials which show it had no meaningful abuse potential versus oxycodone and ketamine. RLMD expects data mid-year in TRD and in Q3/Q4 they will see data in MDD. Mizuho is positive on the name with a $50 PT and currently assumes a 75% probability of success for REL-1017, with an expected U.S. launch in 2024 and adjusted 2030 sales of $1B. Hedge fund ownership surged 75% last quarter. RA Capital a buyer of 2M shares while Vivo Capital, Baker Bros, and Logos Global all buyers as well. Short interest is 6% and down from as high as 15% in mid-2020.