Spruce Biosciences’ (SPRB) Market Outperform Rating Reaffirmed at Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating restated by Citizens Jmp in a research note issued on Thursday, Benzinga reports. They presently have a $144.00 price target on the stock. Citizens Jmp’s target price indicates a potential upside of 195.14% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. B. Riley Financial assumed coverage on shares of Spruce Biosciences in a research note on Monday, July 13th. They set a “buy” rating and a $160.00 price objective for the company. Wall Street Zen cut Spruce Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Lake Street Capital began coverage on Spruce Biosciences in a report on Thursday, September 17th. They set a “buy” rating and a $149.00 price target on the stock. Guggenheim reaffirmed a “buy” rating and issued a $104.00 target price (down from $123.00) on shares of Spruce Biosciences in a research report on Monday, August 17th. Finally, HC Wainwright reiterated a “buy” rating on shares of Spruce Biosciences in a report on Wednesday, August 26th. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Spruce Biosciences currently has an average rating of “Moderate Buy” and an average target price of $158.33.

Spruce Biosciences Trading Down 1.3%

NASDAQ SPRB traded down $0.63 during trading hours on Thursday, hitting $48.79. 65,739 shares of the company were exchanged, compared to its average volume of 64,563. The stock has a 50-day moving average price of $51.20 and a 200 day moving average price of $54.59. The stock has a market cap of $140.03 million, a PE ratio of -1.23 and a beta of 3.31. The company has a quick ratio of 9.23, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. Spruce Biosciences has a 52 week low of $7.26 and a 52 week high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last released its 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). Analysts forecast that Spruce Biosciences will post -25.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. purchased a new position in shares of Spruce Biosciences during the 2nd quarter worth $7,937,000. ADAR1 Capital Management LLC lifted its stake in shares of 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 acquiring an additional 600 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Spruce Biosciences during the second quarter worth about $366,000. Stempoint Capital LP bought a new position in Spruce Biosciences in the first quarter worth about $416,000. Finally, Pale Fire Capital SE bought a new stake in Spruce Biosciences in the 2nd quarter valued at about $206,000. 91.71% of the stock is currently 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.