Spruce Biosciences (NASDAQ:SPRB) Given Buy Rating at HC Wainwright

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They presently have a $200.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 222.01% from the company’s previous close.

A number of other analysts have also recently commented on SPRB. Citigroup restated a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spruce Biosciences in a research note on Monday, December 29th. Wall Street Zen downgraded Spruce Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Oppenheimer began coverage on Spruce Biosciences in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $283.00 price target for the company. Finally, Citizens Jmp set a $259.00 price objective on shares of Spruce Biosciences in a report on Tuesday, November 11th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $187.90.

Spruce Biosciences Trading Up 11.2%

Shares of SPRB stock opened at $62.11 on Tuesday. The firm’s 50 day moving average is $72.15 and its 200 day moving average is $75.55. The stock has a market capitalization of $66.46 million, a P/E ratio of -0.73 and a beta of 3.62. Spruce Biosciences has a 12-month low of $4.28 and a 12-month high of $240.00.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. Carlyle Group Inc. acquired a new position in shares of Spruce Biosciences in the third quarter valued at about $24,765,000. Cable Car Capital LP purchased a new position in Spruce Biosciences during the third quarter worth approximately $239,000. Geode Capital Management LLC acquired a new position in shares of Spruce Biosciences during the 4th quarter worth approximately $1,109,000. State Street Corp purchased a new stake in Spruce Biosciences in the 4th quarter worth $558,000. Finally, Alyeska Investment Group L.P. purchased a new position in Spruce Biosciences in the 4th quarter valued at about $4,501,000. 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 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.