Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $187.90 Consensus PT from Brokerages

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received a consensus rating of “Hold” from the eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $187.90.

Several analysts recently commented on SPRB shares. 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 lowered Spruce Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. HC Wainwright restated a “buy” rating and set a $200.00 price objective (down from $220.00) on shares of Spruce Biosciences in a research note on Thursday, February 19th. Oppenheimer initiated coverage on shares of Spruce Biosciences in a report on Tuesday, December 23rd. They issued an “outperform” rating and a $283.00 price objective for the company. Finally, Citizens Jmp set a $259.00 target price on shares of Spruce Biosciences in a research note on Tuesday, November 11th.

Spruce Biosciences Trading Up 3.1%

NASDAQ SPRB opened at $57.54 on Monday. The company has a 50-day moving average price of $73.76 and a two-hundred day moving average price of $74.07. Spruce Biosciences has a 52 week low of $4.28 and a 52 week high of $240.00. The stock has a market cap of $61.57 million, a price-to-earnings ratio of -0.68 and a beta of 3.62.

Institutional Investors Weigh In On Spruce Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPRB. Carlyle Group Inc. acquired a new stake in shares of Spruce Biosciences in the third quarter valued at $24,765,000. Squadron Capital Management LLC acquired a new position in Spruce Biosciences during the fourth quarter worth about $6,098,000. Superstring Capital Management LP bought a new stake in Spruce Biosciences in the fourth quarter worth about $1,057,000. Balyasny Asset Management L.P. acquired a new stake in Spruce Biosciences in the 4th quarter valued at about $3,484,000. Finally, Boothbay Fund Management LLC acquired a new stake in Spruce Biosciences in the 4th quarter valued at about $4,175,000. Institutional investors 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.