Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $186.60.

Several equities analysts have recently commented on SPRB shares. Citizens Jmp decreased their price objective on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Thursday. Craig Hallum initiated coverage on shares of Spruce Biosciences in a report on Monday, April 27th. They issued a “buy” rating and a $140.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $200.00 target price on shares of Spruce Biosciences in a research report on Tuesday, March 10th.

Spruce Biosciences Trading Down 8.8%

Shares of SPRB opened at $53.78 on Friday. The company’s 50-day moving average price is $61.18 and its 200 day moving average price is $77.18. Spruce Biosciences has a 12-month low of $4.35 and a 12-month high of $240.00. The firm has a market cap of $73.68 million, a P/E ratio of -1.47 and a beta of 3.26.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing the consensus estimate of ($7.93) by ($1.01). Equities research analysts forecast that Spruce Biosciences will post -31.02 earnings per share for the current year.

Institutional Investors Weigh In On Spruce Biosciences

A number of institutional investors have recently modified their holdings of the company. Carlyle Group Inc. purchased a new stake in shares of Spruce Biosciences in the 3rd quarter valued at $24,765,000. Ikarian Capital LLC lifted its stake in Spruce Biosciences by 810.3% during the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock worth $10,571,000 after acquiring an additional 108,024 shares in the last quarter. Squadron Capital Management LLC purchased a new position in Spruce Biosciences during the 4th quarter valued at about $6,098,000. Wellington Management Group LLP acquired a new position in Spruce Biosciences in the 4th quarter valued at about $5,135,000. Finally, ADAR1 Capital Management LLC acquired a new position in Spruce Biosciences in the 4th quarter valued at about $5,052,000. 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.