Wall Street Zen Upgrades Spruce Biosciences (NASDAQ:SPRB) to Hold

Spruce Biosciences (NASDAQ:SPRB) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Other equities analysts have also issued reports about the company. Citigroup reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research note on Tuesday, November 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Spruce Biosciences in a report on Monday. Zacks Research downgraded shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Leerink Partnrs raised shares of Spruce Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Citizens Jmp lifted their target price on shares of Spruce Biosciences from $254.00 to $259.00 and gave the company a “market outperform” rating in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Spruce Biosciences has an average rating of “Hold” and a consensus target price of $178.88.

Spruce Biosciences Stock Down 11.6%

Shares of SPRB opened at $79.99 on Friday. Spruce Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $240.00. The company’s fifty day moving average is $111.42 and its two-hundred day moving average is $43.28. The firm has a market cap of $85.59 million, a PE ratio of -0.94 and a beta of 3.45.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Monday, November 10th. The company reported ($14.58) earnings per share for the quarter, topping the consensus estimate of ($15.56) by $0.98. As a group, equities research analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Carlyle Group Inc. bought a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences comprises approximately 0.6% of Carlyle Group Inc.’s portfolio, making the stock its 4th biggest holding. Carlyle Group Inc. owned 579.30% of Spruce Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC). 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease control and reduce steroid burden for patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction in adult patients with classic CAH that is Phase 2b clinical trial.