Citizens Jmp Issues Pessimistic Forecast for Spruce Biosciences (NASDAQ:SPRB) Stock Price

Spruce Biosciences (NASDAQ:SPRB) had its price objective lowered by equities researchers at Citizens Jmp from $180.00 to $170.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s target price would suggest a potential upside of 173.71% from the company’s previous close.

A number of other analysts also recently issued reports on SPRB. Oppenheimer began coverage on Spruce Biosciences in a report on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 price target for the company. Citigroup reiterated a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday, November 11th. HC Wainwright reiterated a “buy” rating and set a $200.00 target price on shares of Spruce Biosciences in a research note on Tuesday. Wall Street Zen downgraded Spruce Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Finally, Leerink Partners upgraded Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 price target on the stock in a report on Wednesday, December 3rd. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $170.10.

Spruce Biosciences Stock Up 11.2%

Shares of SPRB stock opened at $62.11 on Tuesday. The stock has a market cap of $66.46 million, a price-to-earnings ratio of -0.73 and a beta of 3.62. Spruce Biosciences has a twelve month low of $4.28 and a twelve month high of $240.00. The business’s fifty day moving average is $72.15 and its 200 day moving average is $75.55.

Hedge Funds Weigh In On Spruce Biosciences

Several hedge funds have recently made changes to their positions in the stock. SkyView Investment Advisors LLC purchased a new position in shares of Spruce Biosciences during the fourth quarter valued at about $261,000. Ikarian Capital LLC grew its position in Spruce Biosciences by 810.3% in the fourth quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock worth $10,571,000 after acquiring an additional 108,024 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Spruce Biosciences during the fourth quarter worth approximately $5,135,000. Squadron Capital Management LLC bought a new position in Spruce Biosciences during the fourth quarter worth about $6,098,000. Finally, Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences during the 4th quarter valued at $1,057,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.