Citizens Jmp Has Lowered Expectations for Spruce Biosciences (NASDAQ:SPRB) Stock Price

Spruce Biosciences (NASDAQ:SPRB) had its price objective lowered by research analysts at Citizens Jmp from $170.00 to $150.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would suggest a potential upside of 162.81% from the company’s current price.

Other equities research analysts have also issued reports about the company. 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 target for the company. HC Wainwright reiterated a “buy” rating and issued a $200.00 target price on shares of Spruce Biosciences in a research note on Tuesday, March 10th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $186.60.

Spruce Biosciences Stock Performance

Spruce Biosciences stock traded down $0.47 during mid-day trading on Thursday, reaching $57.08. The stock had a trading volume of 2,771 shares, compared to its average volume of 52,629. The firm has a market capitalization of $78.31 million, a PE ratio of -1.11 and a beta of 3.26. Spruce Biosciences has a fifty-two week low of $4.35 and a fifty-two week high of $240.00. The stock’s 50-day simple moving average is $61.19 and its 200-day simple moving average is $77.87.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). On average, research analysts forecast that Spruce Biosciences will post -31.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Several large investors have recently made changes to their positions in SPRB. SkyView Investment Advisors LLC bought a new stake in shares of Spruce Biosciences during the 4th quarter worth $261,000. State Street Corp bought a new position in Spruce Biosciences during the fourth quarter valued at about $558,000. Superstring Capital Management LP purchased a new stake in Spruce Biosciences during the fourth quarter worth about $1,057,000. Geode Capital Management LLC purchased a new stake in Spruce Biosciences during the fourth quarter worth about $1,109,000. Finally, Caligan Partners LP bought a new stake in 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.

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.