Citizens Jmp Cuts Spruce Biosciences (NASDAQ:SPRB) Price Target to $144.00

Spruce Biosciences (NASDAQ:SPRB) had its target price lowered by Citizens Jmp from $150.00 to $144.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other analysts have also issued reports on the company. JonesTrading initiated coverage on Spruce Biosciences in a research note on Tuesday, June 9th. They issued a “buy” rating and a $135.00 target price on the stock. HC Wainwright cut their price target on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, June 1st. The Goldman Sachs Group raised Spruce Biosciences to an “overweight” rating in a report on Thursday. Guggenheim initiated coverage on shares of Spruce Biosciences in a report on Tuesday, June 16th. They set a “buy” rating and a $123.00 price objective on the stock. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.88.

Spruce Biosciences Trading Up 5.8%

Shares of SPRB stock opened at $52.64 on Thursday. The company has a quick ratio of 4.67, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. The firm has a market cap of $151.08 million, a P/E ratio of -1.32 and a beta of 3.23. The company has a 50 day moving average of $48.37 and a 200-day moving average of $57.03. Spruce Biosciences has a 12-month low of $7.00 and a 12-month high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($6.68) EPS for the quarter, missing the consensus estimate of ($5.79) by ($0.89). Sell-side analysts anticipate that Spruce Biosciences will post -25.14 earnings per share for the current year.

Institutional Trading of Spruce Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SPRB. ADAR1 Capital Management LLC boosted its stake in Spruce Biosciences by 1.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after purchasing an additional 600 shares during the period. SkyView Investment Advisors LLC purchased a new position in Spruce Biosciences during the 4th quarter valued at about $261,000. Stempoint Capital LP bought a new stake in shares of Spruce Biosciences during the first quarter valued at about $416,000. State Street Corp bought a new stake in shares of Spruce Biosciences during the fourth quarter valued at about $558,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Spruce Biosciences in the second quarter worth about $366,000. 91.71% of the stock is currently owned by 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.