Spruce Biosciences (NASDAQ:SPRB) Earns “Buy” Rating from HC Wainwright

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “buy” rating restated by HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $200.00 price objective on the stock. HC Wainwright’s price objective indicates a potential upside of 222.01% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Oppenheimer started coverage on shares of Spruce Biosciences in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $283.00 price target on the stock. 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 note on Wednesday, December 3rd. Citigroup reissued 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. Finally, Citizens Jmp set a $259.00 target price on Spruce Biosciences in a report on Tuesday, November 11th. Four research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $187.90.

Spruce Biosciences Stock Performance

Shares of SPRB stock opened at $62.11 on Tuesday. Spruce Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $240.00. The company has a market cap of $66.46 million, a PE ratio of -0.73 and a beta of 3.62. The stock’s fifty day moving average price is $72.15 and its two-hundred day moving average price is $75.55.

Institutional Investors Weigh In On Spruce Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. SkyView Investment Advisors LLC bought a new stake in Spruce Biosciences during the fourth quarter valued at $261,000. State Street Corp purchased a new position in shares of Spruce Biosciences in the 4th quarter worth about $558,000. Superstring Capital Management LP bought a new position in Spruce Biosciences during the fourth quarter valued at approximately $1,057,000. Geode Capital Management LLC bought a new position in shares of Spruce Biosciences during the 4th quarter valued at $1,109,000. Finally, Caligan Partners LP purchased a new position in shares of Spruce Biosciences in the fourth quarter worth about $1,787,000. 91.71% of the stock is 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.