Citizens Jmp Reaffirms Market Outperform Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reaffirmed by research analysts at Citizens Jmp in a report released on Thursday, Benzinga reports. They currently have a $144.00 price target on the stock. Citizens Jmp’s price objective points to a potential upside of 193.76% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Lake Street Capital initiated coverage on Spruce Biosciences in a report on Thursday, September 17th. They set a “buy” rating and a $149.00 price target for the company. Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. The Goldman Sachs Group raised Spruce Biosciences to an “overweight” rating in a research note on Thursday, August 13th. JonesTrading assumed coverage on Spruce Biosciences in a report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 target price for the company. Finally, Guggenheim reissued a “buy” rating and issued a $104.00 price target (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $158.33.

Spruce Biosciences Trading Down 0.8%

NASDAQ:SPRB traded down $0.40 on Thursday, reaching $49.02. 85,772 shares of the stock traded hands, compared to its average volume of 64,676. The company has a current ratio of 9.23, a quick ratio of 9.23 and a debt-to-equity ratio of 0.05. Spruce Biosciences has a 1-year low of $7.26 and a 1-year high of $240.00. The company’s 50 day moving average is $51.20 and its 200-day moving average is $54.59. The firm has a market capitalization of $140.69 million, a price-to-earnings ratio of -1.23 and a beta of 3.31.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($6.68) EPS for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). Equities research analysts anticipate that Spruce Biosciences will post -25.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. SkyView Investment Advisors LLC bought a new position in shares of Spruce Biosciences in the second quarter valued at $162,000. Pale Fire Capital SE bought a new stake in shares of Spruce Biosciences during the second quarter worth about $206,000. AWM Investment Company Inc. acquired a new stake in shares of Spruce Biosciences in the 2nd quarter worth about $7,937,000. Bank of New York Mellon Corp acquired a new stake in shares of Spruce Biosciences in the 2nd quarter worth about $366,000. Finally, Stempoint Capital LP bought a new position in Spruce Biosciences in the 1st quarter valued at about $416,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.