Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Average Rating of “Moderate Buy” from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $163.00.

A number of research firms have weighed in on SPRB. Guggenheim started coverage on shares of Spruce Biosciences in a research note on Tuesday, June 16th. They issued a “buy” rating and a $123.00 price objective on the stock. 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. Oppenheimer reissued an “outperform” rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Citizens Jmp cut their target price on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a research note on Thursday, May 14th. Finally, Craig Hallum assumed coverage on shares of Spruce Biosciences in a report on Monday, April 27th. They issued a “buy” rating and a $140.00 price target on the stock.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB remained flat at $52.51 during mid-day trading on Friday. 68,773 shares of the stock traded hands, compared to its average volume of 81,679. The company has a 50 day moving average of $52.77 and a two-hundred day moving average of $64.19. The firm has a market capitalization of $144.51 million, a P/E ratio of -1.43 and a beta of 3.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.67 and a quick ratio of 4.67. Spruce Biosciences has a 12 month low of $4.97 and a 12 month high of $240.00.

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

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ikarian Capital LLC raised its holdings in Spruce Biosciences by 810.3% in the 4th 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 purchased a new position in shares of Spruce Biosciences during the fourth quarter valued at about $6,098,000. Wellington Management Group LLP bought a new stake in Spruce Biosciences in the 4th quarter worth approximately $5,135,000. ADAR1 Capital Management LLC bought a new stake in Spruce Biosciences in the fourth quarter worth $5,052,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Spruce Biosciences during the 4th quarter valued at about $4,501,000. 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.