Spruce Biosciences (NASDAQ:SPRB) Now Covered by Craig Hallum

Craig Hallum initiated coverage on shares of Spruce Biosciences (NASDAQ:SPRB) in a research report released on Monday, MarketBeat reports. The firm issued a buy rating and a $140.00 price target on the stock.

A number of other equities research analysts also recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spruce Biosciences in a research report on Monday, December 29th. HC Wainwright restated a “buy” rating and issued a $200.00 target price on shares of Spruce Biosciences in a research note on Tuesday, March 10th. Finally, Citizens Jmp lowered their price target on Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating on the stock in a report on Tuesday, March 10th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Spruce Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $190.60.

Spruce Biosciences Trading Up 5.2%

Spruce Biosciences stock opened at $57.18 on Monday. Spruce Biosciences has a 1-year low of $4.28 and a 1-year high of $240.00. The firm has a market capitalization of $78.34 million, a PE ratio of -1.11 and a beta of 3.62. The firm’s 50 day simple moving average is $60.87 and its 200 day simple moving average is $84.65.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($9.58) EPS for the quarter, missing the consensus estimate of ($9.16) by ($0.42). Research analysts forecast that Spruce Biosciences will post -31.02 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Carlyle Group Inc. bought a new position in Spruce Biosciences in the third quarter valued at $24,765,000. Ikarian Capital LLC raised its holdings in shares of Spruce Biosciences by 810.3% during the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after buying an additional 108,024 shares in the last quarter. Squadron Capital Management LLC bought a new stake in Spruce Biosciences in the 4th quarter worth approximately $6,098,000. Wellington Management Group LLP purchased a new stake in Spruce Biosciences in the fourth quarter worth approximately $5,135,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Spruce Biosciences in the fourth quarter worth approximately $5,052,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.