Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $169.67 Consensus Price Target from Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has received an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $169.6667.

SPRB has been the topic of several research reports. HC Wainwright reduced their price objective on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Craig Hallum initiated coverage on Spruce Biosciences in a report on Monday, April 27th. They set a “buy” rating and a $140.00 price objective on the stock. JonesTrading initiated coverage on Spruce Biosciences in a report on Tuesday, June 9th. They set a “buy” rating and a $135.00 price objective on the stock. Finally, Citizens Jmp reduced their price objective on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Thursday, May 14th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Carlyle Group Inc. purchased a new position in shares of Spruce Biosciences in the 3rd quarter valued at $24,765,000. Balyasny Asset Management L.P. purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at $3,484,000. ExodusPoint Capital Management LP purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at $2,201,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at $2,157,000. Finally, Quinn Opportunity Partners LLC purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at $1,987,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Spruce Biosciences Stock Performance

SPRB opened at $51.89 on Wednesday. The stock’s fifty day moving average is $56.54 and its two-hundred day moving average is $68.22. The company has a market capitalization of $142.70 million, a P/E ratio of -1.42 and a beta of 3.12. Spruce Biosciences has a 52 week low of $4.77 and a 52 week high of $240.00. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($8.94) EPS for the quarter, missing the consensus estimate of ($7.93) by ($1.01). Analysts forecast that Spruce Biosciences will post -22.24 earnings per share for the current year.

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.