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

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reiterated by equities researchers at Citizens Jmp in a note issued to investors 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 193.76% from the stock’s previous close.

SPRB has been the topic of several other reports. Oppenheimer reissued an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Wall Street Zen cut Spruce Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. The Goldman Sachs Group upgraded shares of Spruce Biosciences to an “overweight” rating in a research report on Thursday, August 13th. Weiss Ratings downgraded shares of Spruce Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 16th. Finally, Guggenheim reiterated 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. 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.33.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock traded down $0.40 during trading on Thursday, hitting $49.02. 85,772 shares of the stock traded hands, compared to its average volume of 64,676. The stock has a market cap of $140.69 million, a price-to-earnings ratio of -1.23 and a beta of 3.31. Spruce Biosciences has a 52 week low of $7.26 and a 52 week high of $240.00. The firm’s fifty day moving average is $51.20 and its 200-day moving average is $54.59. 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 (NASDAQ:SPRB) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). Research analysts expect that Spruce Biosciences will post -25.53 EPS for the current fiscal year.

Institutional Trading of Spruce Biosciences

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 second quarter worth about $7,937,000. Bank of New York Mellon Corp purchased a new stake in Spruce Biosciences during the second quarter valued at approximately $366,000. Stempoint Capital LP purchased a new position in shares of Spruce Biosciences in the 1st quarter worth approximately $416,000. Pale Fire Capital SE purchased a new position in shares of Spruce Biosciences in the 2nd quarter worth approximately $206,000. Finally, SkyView Investment Advisors LLC bought a new position in shares of Spruce Biosciences during the 2nd quarter valued at approximately $162,000. 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 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.