Spruce Biosciences (NASDAQ:SPRB) Stock Rating Upgraded by Leerink Partners

Spruce Biosciences (NASDAQ:SPRB) was upgraded by investment analysts at Leerink Partners from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has a $160.00 price objective on the stock. Leerink Partners’ price target suggests a potential upside of 76.91% from the company’s previous close.

SPRB has been the topic of several other research reports. Citigroup restated a “market perform” rating on shares of Spruce Biosciences in a research note on Tuesday, November 11th. Citizens Jmp boosted their target price on Spruce Biosciences from $254.00 to $259.00 and gave the stock a “market outperform” rating in a report on Tuesday, November 11th. Zacks Research downgraded Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. JMP Securities set a $259.00 price target on Spruce Biosciences in a research report on Tuesday, November 11th. Finally, Wall Street Zen upgraded shares of Spruce Biosciences to a “sell” rating in a research note on Saturday, November 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $178.88.

Spruce Biosciences Price Performance

Shares of NASDAQ SPRB opened at $90.44 on Wednesday. Spruce Biosciences has a 1 year low of $4.28 and a 1 year high of $240.00. The firm has a 50-day moving average of $109.98 and a 200 day moving average of $42.76. The stock has a market cap of $96.77 million, a P/E ratio of -1.06 and a beta of 3.45.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings data on Monday, November 10th. The company reported ($14.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($15.56) by $0.98. Research analysts expect that Spruce Biosciences will post -1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Cable Car Capital LP purchased a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 26,666 shares of the company’s stock, valued at approximately $239,000. Cable Car Capital LP owned 5.33% of Spruce Biosciences at the end of the most recent reporting period. 91.71% of the stock is owned by hedge funds and other institutional investors.

About Spruce Biosciences

Spruce Biosciences, Inc, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease control and reduce steroid burden for patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction in adult patients with classic CAH that is Phase 2b clinical trial.