Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $203.08 Average Target Price from Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has received an average recommendation of “Hold” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $203.0833.

SPRB has been the subject of several research reports. Citigroup reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research note on Tuesday, November 11th. Oppenheimer assumed coverage on shares of Spruce Biosciences in a research note on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 price target on the stock. Wall Street Zen cut shares of Spruce Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. HC Wainwright reaffirmed a “buy” rating and set a $220.00 price objective on shares of Spruce Biosciences in a report on Monday, December 22nd. Finally, Zacks Research lowered Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd.

Spruce Biosciences Stock Performance

Spruce Biosciences stock opened at $72.40 on Thursday. The business’s fifty day moving average is $81.39 and its two-hundred day moving average is $67.31. The firm has a market cap of $77.47 million, a P/E ratio of -0.85 and a beta of 3.52. 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 earnings results on Monday, November 10th. The company reported ($14.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($15.56) by $0.98. On average, equities research analysts predict 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. purchased a new stake in Spruce Biosciences, Inc. (NASDAQ:SPRB) during the third quarter, according to its most recent filing with the SEC. The firm purchased 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences accounts for approximately 0.6% of Carlyle Group Inc.’s portfolio, making the stock its 4th largest position. Carlyle Group Inc. owned approximately 579.30% 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.