Spruce Biosciences (NASDAQ:SPRB) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Spruce Biosciences (NASDAQ:SPRB) from a sell rating to a strong sell rating in a research note released on Saturday.

SPRB has been the subject of a number of other reports. Weiss Ratings downgraded Spruce Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Craig Hallum began coverage on Spruce Biosciences in a research report on Monday, April 27th. They issued a “buy” rating and a $140.00 price objective on the stock. Citizens Jmp reduced their price objective on Spruce Biosciences from $150.00 to $144.00 and set a “market outperform” rating for the company in a research note on Thursday, August 13th. Citigroup reaffirmed a “market outperform” rating on shares of Spruce Biosciences in a research report on Thursday. Finally, HC Wainwright lowered 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. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Spruce Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $159.50.

Spruce Biosciences Stock Up 0.5%

Spruce Biosciences stock opened at $52.92 on Friday. Spruce Biosciences has a fifty-two week low of $7.00 and a fifty-two week high of $240.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.23 and a current ratio of 9.23. The firm’s 50-day simple moving average is $48.45 and its 200 day simple moving average is $56.63. The stock has a market cap of $151.88 million, a PE ratio of -1.33 and a beta of 3.23.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($6.68) EPS for the quarter, missing the consensus estimate of ($5.79) by ($0.89). Research analysts predict that Spruce Biosciences will post -25.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

A number of hedge funds have recently modified their holdings of the stock. Cable Car Capital LP purchased a new position in Spruce Biosciences in the third quarter valued at approximately $239,000. Geode Capital Management LLC bought a new position in Spruce Biosciences during the fourth quarter valued at $1,109,000. State Street Corp purchased a new stake in Spruce Biosciences in the fourth quarter worth $558,000. Alyeska Investment Group L.P. purchased a new stake in Spruce Biosciences in the fourth quarter worth $4,501,000. Finally, Quinn Opportunity Partners LLC purchased a new stake in Spruce Biosciences in the fourth quarter worth $1,987,000. Institutional investors 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.