Citizens Jmp Issues Pessimistic Forecast for Spruce Biosciences (NASDAQ:SPRB) Stock Price

Spruce Biosciences (NASDAQ:SPRB) had its price objective decreased by investment analysts at Citizens Jmp from $180.00 to $170.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would indicate a potential upside of 164.88% from the stock’s current price.

A number of other research firms also recently weighed in on SPRB. Wall Street Zen downgraded shares of Spruce Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Citigroup reissued a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday, November 11th. Oppenheimer assumed coverage on Spruce Biosciences in a report on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 target price on the stock. Leerink Partners raised Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 price target for the company in a research report on Wednesday, December 3rd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Spruce Biosciences in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $170.10.

Spruce Biosciences Stock Performance

Shares of NASDAQ SPRB opened at $64.18 on Tuesday. The stock has a market cap of $68.67 million, a price-to-earnings ratio of -1.24 and a beta of 3.62. The business has a 50 day simple moving average of $71.29 and a 200 day simple moving average of $75.85. Spruce Biosciences has a 52 week low of $4.28 and a 52 week high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Thursday, March 12th. The company reported ($9.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($9.16) by ($0.42). On average, analysts predict that Spruce Biosciences will post -1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SPRB. Carlyle Group Inc. acquired a new position in Spruce Biosciences during the 3rd quarter worth $24,765,000. Cable Car Capital LP acquired a new stake in shares of Spruce Biosciences in the third quarter valued at about $239,000. Geode Capital Management LLC acquired a new stake in shares of Spruce Biosciences in the fourth quarter valued at about $1,109,000. State Street Corp bought a new position in shares of Spruce Biosciences in the fourth quarter worth about $558,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Spruce Biosciences in the fourth quarter worth about $4,501,000. 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.