Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $163.00 Consensus PT from Brokerages

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have been given a consensus recommendation of “Moderate Buy” by the ten analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $163.00.

A number of equities research analysts have recently weighed in on SPRB shares. HC Wainwright cut their price target on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Craig Hallum initiated coverage on Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company. Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Citizens Jmp cut their price objective on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 14th. Finally, JonesTrading assumed coverage on shares of Spruce Biosciences in a research note on Tuesday, June 9th. They issued a “buy” rating and a $135.00 target price for the company.

Institutional Investors Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Ikarian Capital LLC boosted its position in Spruce Biosciences by 810.3% during the fourth 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 bought a new position in shares of Spruce Biosciences in the fourth quarter valued at approximately $6,098,000. Wellington Management Group LLP acquired a new stake in shares of Spruce Biosciences in the fourth quarter worth $5,135,000. ADAR1 Capital Management LLC acquired a new stake in shares of Spruce Biosciences in the fourth quarter worth $5,052,000. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Spruce Biosciences during the 4th quarter worth $4,501,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Stock Up 3.9%

NASDAQ:SPRB opened at $51.74 on Friday. The business’s fifty day moving average price is $52.44 and its 200 day moving average price is $63.34. The firm has a market capitalization of $142.28 million, a price-to-earnings ratio of -1.41 and a beta of 3.16. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a 1-year low of $5.33 and a 1-year high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($8.94) EPS for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). On average, sell-side analysts forecast that Spruce Biosciences will post -22.24 earnings per share for the current fiscal year.

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.