Yes. Here's how:
Go to .../Settings/Change Password.
Click on the "FORGOT PASSWORD" link.
Enter your recovery passphrase. Make sure all characters are lowercase, there is only one space between words and there are no extra spaces at the end.
Set a new password.
If you don't have your Recovery Phrase backed up, please read: I've lost both my Recovery Passphrase and my Coinomi app password. Are my funds lost?