HC Wainwright Reaffirms Buy Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $220.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 179.40% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Citizens Jmp raised their target price on shares of Spruce Biosciences from $254.00 to $259.00 and gave the company a “market outperform” rating in a research note on Tuesday, November 11th. Leerink Partnrs raised shares of Spruce Biosciences from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 3rd. Wall Street Zen raised Spruce Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spruce Biosciences in a research note on Monday, December 15th. Finally, Citigroup reiterated a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $187.10.

Spruce Biosciences Stock Performance

NASDAQ:SPRB opened at $78.74 on Monday. Spruce Biosciences has a 52-week low of $4.28 and a 52-week high of $240.00. The stock has a fifty day moving average of $110.59 and a 200 day moving average of $49.28. The firm has a market capitalization of $84.25 million, a price-to-earnings ratio of -0.93 and a beta of 3.45.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Monday, November 10th. The company reported ($14.58) earnings per share for the quarter, beating the consensus estimate of ($15.56) by $0.98. Equities analysts forecast that Spruce Biosciences will post -1 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Carlyle Group Inc. acquired a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences comprises about 0.6% of Carlyle Group Inc.’s holdings, making the stock its 4th biggest holding. Carlyle Group Inc. owned 579.30% of Spruce Biosciences at the end of the most recent quarter. Hedge funds and other institutional investors own 91.71% of the company’s stock.

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.