Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $178.88 Average Target Price from Analysts

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have earned an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $178.8750.

SPRB has been the subject of a number of research analyst reports. Leerink Partnrs raised Spruce Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 3rd. 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 Partners upgraded Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 target price on the stock in a research report on Wednesday, December 3rd. Wall Street Zen raised shares of Spruce Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Finally, Citizens Jmp raised their price target on shares of Spruce Biosciences from $254.00 to $259.00 and gave the company a “market outperform” rating in a research report on Tuesday, November 11th.

Spruce Biosciences Stock Up 2.6%

NASDAQ:SPRB opened at $78.74 on Wednesday. The business’s 50-day simple moving average is $110.59 and its two-hundred day simple moving average is $48.67. The stock has a market cap of $84.25 million, a PE ratio of -0.93 and a beta of 3.45. Spruce Biosciences has a 52 week low of $4.28 and a 52 week high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Monday, November 10th. The company reported ($14.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($15.56) by $0.98. Sell-side analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Spruce Biosciences stock. Cable Car Capital LP acquired a new stake in Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 26,666 shares of the company’s stock, valued at approximately $239,000. Cable Car Capital LP owned 5.33% of Spruce Biosciences at the end of the most recent quarter. Institutional investors and hedge funds own 91.71% of the company’s stock.

About Spruce Biosciences

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.