Spruce Biosciences (NASDAQ:SPRB) Given Market Outperform Rating at Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reaffirmed by equities researchers at Citizens Jmp in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $144.00 target price on the stock. Citizens Jmp’s target price suggests a potential upside of 194.72% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Guggenheim reiterated a “buy” rating and issued a $104.00 price target (down from $123.00) on shares of Spruce Biosciences in a report on Monday, August 17th. Weiss Ratings downgraded shares of Spruce Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. The Goldman Sachs Group upgraded shares of Spruce Biosciences to an “overweight” rating in a research note on Thursday, August 13th. Oppenheimer reaffirmed an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Finally, Lake Street Capital assumed coverage on shares of Spruce Biosciences in a report on Thursday, September 17th. They set a “buy” rating and a $149.00 price target on the stock. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.33.

Spruce Biosciences Trading Down 0.3%

SPRB opened at $48.86 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.23 and a quick ratio of 9.23. The company has a market cap of $140.23 million, a price-to-earnings ratio of -1.23 and a beta of 3.31. The firm has a 50 day simple moving average of $51.30 and a 200 day simple moving average of $54.54. Spruce Biosciences has a fifty-two week low of $7.26 and a fifty-two week high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). On average, sell-side analysts anticipate that Spruce Biosciences will post -25.53 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SPRB. AWM Investment Company Inc. purchased a new position in Spruce Biosciences in the 2nd quarter worth about $7,937,000. ADAR1 Capital Management LLC lifted its position in Spruce Biosciences by 1.0% in the first quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after buying an additional 600 shares during the last quarter. Stempoint Capital LP purchased a new stake in Spruce Biosciences in the first quarter worth $416,000. Bank of New York Mellon Corp purchased a new stake in Spruce Biosciences in the second quarter worth $366,000. Finally, Pale Fire Capital SE purchased a new position in shares of Spruce Biosciences during the second quarter valued at $206,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

About Spruce Biosciences

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for endocrine disorders. The company’s research has centered on therapies intended to address conditions involving hormone dysregulation and adrenal function.

Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 (CRF1) receptor antagonist. The therapy is designed to reduce excessive adrenocorticotropic hormone (ACTH) signaling and adrenal androgen production, with development focused primarily on congenital adrenal hyperplasia (CAH), a rare inherited disorder affecting cortisol production.