Spruce Biosciences (NASDAQ:SPRB) Shares Up 0.6% – Time to Buy?

Spruce Biosciences, Inc. (NASDAQ:SPRB)’s stock price rose 0.6% during trading on Monday . The company traded as high as $78.23 and last traded at $77.99. Approximately 18,384 shares changed hands during trading, a decline of 35% from the average daily volume of 28,266 shares. The stock had previously closed at $77.55.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPRB. HC Wainwright restated a “buy” rating and issued a $220.00 price objective on shares of Spruce Biosciences in a report on Monday, December 22nd. JMP Securities set a $259.00 target price on Spruce Biosciences in a report on Tuesday, November 11th. Citigroup restated a “market perform” rating on shares of Spruce Biosciences in a research note 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. Finally, Citizens Jmp lifted their price objective on Spruce Biosciences from $254.00 to $259.00 and gave the stock a “market outperform” rating in a report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Spruce Biosciences presently has an average rating of “Hold” and a consensus target price of $203.08.

Spruce Biosciences Trading Up 0.6%

The business’s 50 day simple moving average is $83.78 and its two-hundred day simple moving average is $65.79. The firm has a market capitalization of $83.45 million, a PE ratio of -0.92 and a beta of 3.52.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Monday, November 10th. The company reported ($14.58) EPS for the quarter, topping the consensus estimate of ($15.56) by $0.98. As a group, equities research analysts anticipate that Spruce Biosciences, Inc. will post -1 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Carlyle Group Inc. bought a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences accounts for 0.6% of Carlyle Group Inc.’s holdings, making the stock its 4th biggest holding. Carlyle Group Inc. owned approximately 579.30% of Spruce Biosciences at the end of the most recent quarter. 91.71% of the stock is currently owned by institutional investors and hedge funds.

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.