Spruce Biosciences (NASDAQ:SPRB) Upgraded at Guggenheim

Spruce Biosciences (NASDAQ:SPRB) was upgraded by analysts at Guggenheim to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. Citizens Jmp reduced their price target on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 14th. Craig Hallum began coverage on shares of Spruce Biosciences in a research report on Monday, April 27th. They issued a “buy” rating and a $140.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday, June 5th. HC Wainwright reduced their price target on shares of Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Finally, JonesTrading began 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. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Spruce Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.00.

Spruce Biosciences Trading Down 5.6%

Spruce Biosciences stock opened at $47.10 on Tuesday. The stock has a market cap of $129.62 million, a P/E ratio of -1.29 and a beta of 3.12. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.67 and a quick ratio of 4.67. Spruce Biosciences has a 1 year low of $4.77 and a 1 year high of $240.00. The firm’s 50 day moving average price is $55.66 and its 200-day moving average price is $67.39.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly 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). On average, equities analysts predict that Spruce Biosciences will post -22.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Carlyle Group Inc. bought a new position in Spruce Biosciences during the third quarter valued at $24,765,000. Ikarian Capital LLC increased its position in Spruce Biosciences by 810.3% during the fourth quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after acquiring an additional 108,024 shares during the last quarter. Squadron Capital Management LLC bought a new position in Spruce Biosciences during the fourth quarter valued at $6,098,000. Wellington Management Group LLP bought a new position in Spruce Biosciences during the fourth quarter valued at $5,135,000. Finally, ADAR1 Capital Management LLC increased its position in Spruce Biosciences by 1.0% during the first quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock valued at $3,830,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 91.71% of the company’s stock.

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.