Spruce Biosciences (NASDAQ:SPRB) Given “Buy” Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a research note released on Tuesday,Benzinga reports. They currently have a $200.00 price target on the stock.

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

Spruce Biosciences Stock Performance

NASDAQ SPRB opened at $62.79 on Tuesday. Spruce Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $240.00. The stock has a 50 day simple moving average of $71.75 and a two-hundred day simple moving average of $75.94. The stock has a market cap of $67.19 million, a P/E ratio of -1.21 and a beta of 3.62.

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

Hedge Funds Weigh In On Spruce Biosciences

A number of institutional investors have recently added to or reduced their stakes in SPRB. Carlyle Group Inc. purchased a new position in Spruce Biosciences during the third quarter valued at $24,765,000. Cable Car Capital LP bought a new stake in shares of Spruce Biosciences during the 3rd quarter valued at $239,000. Geode Capital Management LLC purchased a new stake in shares of Spruce Biosciences in the 4th quarter worth about $1,109,000. State Street Corp purchased a new stake in shares of Spruce Biosciences in the 4th quarter worth about $558,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Spruce Biosciences in the 4th quarter worth about $4,501,000. 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.