Spruce Biosciences (NASDAQ:SPRB) Price Target Cut to $150.00 by Analysts at HC Wainwright

Spruce Biosciences (NASDAQ:SPRB) had its price target cut by HC Wainwright from $200.00 to $150.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 192.57% from the stock’s previous close.

Several other analysts have also issued reports on SPRB. Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday. Citizens Jmp cut their price target on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Thursday, May 14th. Finally, Craig Hallum initiated coverage on shares of Spruce Biosciences in a research report on Monday, April 27th. They set a “buy” rating and a $140.00 price target for the company. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.60.

Spruce Biosciences Price Performance

SPRB opened at $51.27 on Monday. The stock has a market cap of $140.99 million, a PE ratio of -1.40 and a beta of 3.12. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a 52 week low of $4.35 and a 52 week high of $240.00. The business’s fifty day simple moving average is $59.28 and its 200 day simple moving average is $72.33.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Wednesday, May 13th. The company reported ($8.94) EPS for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). As a group, research analysts expect that Spruce Biosciences will post -27.49 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Stempoint Capital LP purchased a new stake in Spruce Biosciences in the first quarter worth about $416,000. ADAR1 Capital Management LLC lifted its holdings in Spruce Biosciences by 1.0% in the first quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after buying an additional 600 shares during the period. SkyView Investment Advisors LLC purchased a new stake in Spruce Biosciences in the fourth quarter worth about $261,000. Ikarian Capital LLC lifted its holdings in Spruce Biosciences by 810.3% in the fourth quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock worth $10,571,000 after buying an additional 108,024 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Spruce Biosciences in the fourth quarter worth about $5,135,000. 91.71% of the stock is currently 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.