Carlyle Group Inc. Takes Position in Spruce Biosciences, Inc. $SPRB

Carlyle Group Inc. acquired a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences accounts for approximately 0.6% of Carlyle Group Inc.’s holdings, making the stock its 4th biggest holding. Carlyle Group Inc. owned about 579.30% of Spruce Biosciences at the end of the most recent reporting period.

Spruce Biosciences Trading Down 8.2%

NASDAQ SPRB opened at $53.48 on Thursday. The company has a market cap of $57.22 million, a P/E ratio of -0.63 and a beta of 3.52. The company has a fifty day simple moving average of $78.94 and a 200 day simple moving average of $70.40. Spruce Biosciences, Inc. has a 12-month low of $4.28 and a 12-month high of $240.00.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SPRB. HC Wainwright reissued a “buy” rating on shares of Spruce Biosciences in a research note on Thursday. Leerink Partners upgraded Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 price target on the stock in a report on Wednesday, December 3rd. Wall Street Zen lowered shares of Spruce Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Zacks Research lowered shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Finally, Oppenheimer assumed coverage on shares of Spruce Biosciences in a research note on Tuesday, December 23rd. They issued an “outperform” rating and a $283.00 price target for the company. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $191.90.

Spruce Biosciences Company Profile

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.