Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received an average rating of “Moderate Buy” from the nine analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $169.6667.

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Biosciences in a research note on Friday. Craig Hallum assumed coverage on Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 target price on the stock. HC Wainwright cut their target price on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Citizens Jmp cut their target price on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 14th. Finally, Oppenheimer reissued an “outperform” rating on shares of Spruce Biosciences in a research note on Wednesday, May 27th.

Spruce Biosciences Price Performance

SPRB opened at $49.03 on Wednesday. Spruce Biosciences has a 52 week low of $4.35 and a 52 week high of $240.00. The company has a fifty day moving average price of $57.45 and a two-hundred day moving average price of $69.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.67 and a current ratio of 4.67. The firm has a market capitalization of $134.83 million, a PE ratio of -1.34 and a beta of 3.11.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing the consensus estimate of ($7.93) by ($1.01). As a group, analysts anticipate that Spruce Biosciences will post -22.24 earnings per share for the current year.

Institutional Investors Weigh In On Spruce Biosciences

A number of hedge funds have recently modified their holdings of SPRB. Carlyle Group Inc. acquired a new stake in shares of Spruce Biosciences during the third quarter worth about $24,765,000. Ikarian Capital LLC raised its position in shares of Spruce Biosciences by 810.3% during 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 shares of Spruce Biosciences during the fourth quarter worth about $6,098,000. Wellington Management Group LLP acquired a new stake in shares of Spruce Biosciences during the fourth quarter worth about $5,135,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Spruce Biosciences during the fourth quarter worth about $5,052,000. Institutional investors and hedge funds 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.