Spruce Biosciences (NASDAQ:SPRB) Price Target Lowered to $144.00 at Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB) had its target price dropped by Citizens Jmp from $150.00 to $144.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s target price points to a potential upside of 198.59% from the company’s current price.

SPRB has been the subject of a number of other research reports. The Goldman Sachs Group raised shares of Spruce Biosciences to an “overweight” rating in a report on Thursday. Guggenheim initiated coverage on shares of Spruce Biosciences in a report on Tuesday, June 16th. They set a “buy” rating and a $123.00 target price on the stock. JonesTrading initiated coverage on shares of Spruce Biosciences in a research report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 price target on the stock. Craig Hallum started coverage on shares of Spruce Biosciences in a report on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company. Finally, B. Riley Financial assumed coverage on shares of Spruce Biosciences in a research report on Monday, July 13th. They set a “buy” rating and a $160.00 price objective for the company. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Spruce Biosciences has an average rating of “Moderate Buy” and an average target price of $161.88.

Spruce Biosciences Stock Up 2.5%

NASDAQ:SPRB traded up $1.16 during mid-day trading on Thursday, reaching $48.23. The stock had a trading volume of 4,094 shares, compared to its average volume of 57,349. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.67 and a quick ratio of 4.67. The company has a market capitalization of $132.62 million, a price-to-earnings ratio of -1.32 and a beta of 3.23. Spruce Biosciences has a 1-year low of $7.00 and a 1-year high of $240.00. The stock’s 50 day simple moving average is $48.40 and its two-hundred day simple moving average is $57.28.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Wednesday, August 12th. The company reported ($6.68) EPS for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). Equities analysts anticipate that Spruce Biosciences will post -21.62 EPS for the current year.

Institutional Investors Weigh In On Spruce Biosciences

Large investors have recently added to or reduced their stakes in the stock. Cable Car Capital LP bought a new stake in Spruce Biosciences in the third quarter valued at $239,000. SkyView Investment Advisors LLC bought a new position in shares of Spruce Biosciences during the fourth quarter worth about $261,000. Bank of New York Mellon Corp acquired a new stake in shares of Spruce Biosciences in the 2nd quarter worth about $366,000. Stempoint Capital LP acquired a new stake in shares of Spruce Biosciences in the 1st quarter worth about $416,000. Finally, State Street Corp bought a new stake in Spruce Biosciences in the 4th quarter valued at about $558,000. 91.71% of the stock is owned by institutional investors and hedge funds.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company’s lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.