Brokerages Set Spruce Biosciences, Inc. (NASDAQ:SPRB) PT at $170.10

Spruce Biosciences, Inc. (NASDAQ:SPRB) has received an average recommendation of “Hold” from the eight research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $170.10.

A number of brokerages have recently weighed in on SPRB. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spruce Biosciences in a research report on Monday, December 29th. HC Wainwright restated a “buy” rating and set a $200.00 price target on shares of Spruce Biosciences in a research note on Tuesday, March 10th. Wall Street Zen downgraded shares of Spruce Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Oppenheimer began coverage on shares of Spruce Biosciences in a report on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 price objective on the stock. Finally, Leerink Partners raised shares of Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 price objective on the stock in a research note on Wednesday, December 3rd.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock opened at $65.35 on Friday. The business has a 50-day simple moving average of $66.64 and a 200 day simple moving average of $81.63. Spruce Biosciences has a one year low of $4.28 and a one year high of $240.00. The firm has a market capitalization of $89.53 million, a price-to-earnings ratio of -1.26 and a beta of 3.62.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($9.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($9.16) by ($0.42). On average, sell-side analysts expect that Spruce Biosciences will post -1 EPS for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Several large investors have recently added to or reduced their stakes in SPRB. Cable Car Capital LP purchased a new stake in shares of Spruce Biosciences during the third quarter valued at approximately $239,000. SkyView Investment Advisors LLC purchased a new position in Spruce Biosciences in the fourth quarter worth $261,000. State Street Corp purchased a new position in Spruce Biosciences in the fourth quarter worth $558,000. Superstring Capital Management LP bought a new position in Spruce Biosciences in the 4th quarter valued at $1,057,000. Finally, Geode Capital Management LLC bought a new position in Spruce Biosciences in the 4th quarter valued at $1,109,000. Institutional investors own 91.71% of the company’s stock.

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.