Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $170.10 Average Target Price from Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has received an average recommendation of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $170.10.

A number of brokerages recently weighed in on SPRB. Oppenheimer began coverage on shares of Spruce Biosciences in a research note on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 target price for the company. Citizens Jmp decreased their price target on Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating for the company in a report on Tuesday, March 10th. Wall Street Zen lowered Spruce Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. HC Wainwright reissued a “buy” rating and issued a $200.00 price objective on shares of Spruce Biosciences in a research note on Tuesday, March 10th. Finally, 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.

Spruce Biosciences Stock Performance

Spruce Biosciences stock opened at $63.04 on Friday. Spruce Biosciences has a 52-week low of $4.28 and a 52-week high of $240.00. The firm has a 50 day moving average price of $67.06 and a two-hundred day moving average price of $80.91. The firm has a market cap of $86.36 million, a price-to-earnings ratio of -1.22 and a beta of 3.62.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly 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). As a group, equities research analysts predict that Spruce Biosciences will post -1 EPS for the current fiscal year.

Institutional Trading of Spruce Biosciences

Several hedge funds have recently modified their holdings of the stock. Carlyle Group Inc. acquired a new position in shares of Spruce Biosciences during the 3rd quarter valued at $24,765,000. Ikarian Capital LLC grew its holdings in Spruce Biosciences by 810.3% in the fourth quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock worth $10,571,000 after purchasing an additional 108,024 shares during the period. Squadron Capital Management LLC acquired a new stake in Spruce Biosciences in the fourth quarter worth $6,098,000. Wellington Management Group LLP bought a new stake in Spruce Biosciences in the fourth quarter valued at $5,135,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Spruce Biosciences during the fourth quarter valued at about $5,052,000. Institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.