Spruce Biosciences (NASDAQ:SPRB) Coverage Initiated at B. Riley Financial

Analysts at B. Riley Financial assumed coverage on shares of Spruce Biosciences (NASDAQ:SPRB) in a research note issued on Monday. The brokerage set a “buy” rating and a $160.00 price target on the stock. B. Riley Financial’s price target suggests a potential upside of 219.55% from the company’s previous close.

Several other equities research analysts also recently weighed in on SPRB. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spruce Biosciences in a report on Friday, June 5th. Craig Hallum assumed coverage on Spruce Biosciences in a research report on Monday, April 27th. They issued a “buy” rating and a $140.00 price objective on the stock. Citizens Jmp reduced their target price on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 14th. Oppenheimer reiterated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Finally, JonesTrading assumed coverage on shares of Spruce Biosciences in a research note on Tuesday, June 9th. They set a “buy” rating and a $135.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $162.62.

Spruce Biosciences Price Performance

SPRB stock opened at $50.07 on Monday. Spruce Biosciences has a 12 month low of $5.41 and a 12 month high of $240.00. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $52.33 and a 200 day moving average price of $63.10. The stock has a market cap of $137.69 million, a PE ratio of -1.37 and a beta of 3.16.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($8.94) EPS for the quarter, missing the consensus estimate of ($7.93) by ($1.01). Equities research analysts anticipate that Spruce Biosciences will post -22.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Boothbay Fund Management LLC bought a new stake in Spruce Biosciences during the 4th quarter valued at $4,175,000. Balyasny Asset Management L.P. bought a new position in shares of Spruce Biosciences during the 4th quarter worth $3,484,000. ExodusPoint Capital Management LP purchased a new position in shares of Spruce Biosciences during the fourth quarter valued at $2,201,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Spruce Biosciences during the fourth quarter valued at $2,157,000. Finally, Quinn Opportunity Partners LLC bought a new stake in shares of Spruce Biosciences in the fourth quarter valued at about $1,987,000. Institutional investors own 91.71% of the company’s stock.

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.