Spruce Biosciences (NASDAQ:SPRB) Shares Up 0.6% – Time to Buy?

Spruce Biosciences, Inc. (NASDAQ:SPRB) shot up 0.6% during trading on Monday . The stock traded as high as $78.23 and last traded at $77.99. 18,384 shares were traded during mid-day trading, a decline of 35% from the average session volume of 28,266 shares. The stock had previously closed at $77.55.

Wall Street Analysts Forecast Growth

SPRB has been the topic of a number of research reports. Citizens Jmp lifted their target price on shares of Spruce Biosciences from $254.00 to $259.00 and gave the company a “market outperform” rating in a research note on Tuesday, November 11th. JMP Securities set a $259.00 price objective on shares of Spruce Biosciences in a report on Tuesday, November 11th. Wall Street Zen cut Spruce Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. HC Wainwright reiterated a “buy” rating and set a $220.00 target price on shares of Spruce Biosciences in a report on Monday, December 22nd. Finally, Zacks Research cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Spruce Biosciences presently has an average rating of “Hold” and a consensus price target of $203.08.

Spruce Biosciences Trading Up 0.6%

The company has a market cap of $83.45 million, a PE ratio of -0.92 and a beta of 3.52. The firm has a 50 day moving average of $83.78 and a two-hundred day moving average of $65.79.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, November 10th. The company reported ($14.58) EPS for the quarter, topping the consensus estimate of ($15.56) by $0.98. On average, research analysts forecast that Spruce Biosciences, Inc. will post -1 EPS for the current year.

Institutional Trading of Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Cable Car Capital LP acquired a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 26,666 shares of the company’s stock, valued at approximately $239,000. Cable Car Capital LP owned approximately 5.33% of Spruce Biosciences as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other 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.