Citizens Jmp Issues Pessimistic Forecast for Spruce Biosciences (NASDAQ:SPRB) Stock Price

Spruce Biosciences (NASDAQ:SPRB) had its price target reduced by equities research analysts at Citizens Jmp from $170.00 to $150.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would suggest a potential upside of 178.91% from the company’s previous close.

SPRB has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and issued a $200.00 target price on shares of Spruce Biosciences in a report on Tuesday, March 10th. 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 target for the company. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued 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 target price of $186.60.

Spruce Biosciences Stock Down 8.8%

SPRB opened at $53.78 on Thursday. Spruce Biosciences has a 52-week low of $4.35 and a 52-week high of $240.00. The stock has a market cap of $73.68 million, a P/E ratio of -1.47 and a beta of 3.26. The business has a fifty day moving average of $61.18 and a 200 day moving average of $77.18.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing the consensus estimate of ($7.93) by ($1.01). Equities analysts anticipate that Spruce Biosciences will post -31.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Cable Car Capital LP purchased a new stake in Spruce Biosciences during the 3rd quarter valued at about $239,000. SkyView Investment Advisors LLC purchased a new stake in Spruce Biosciences during the 4th quarter valued at about $261,000. State Street Corp purchased a new stake in Spruce Biosciences during the 4th quarter valued at about $558,000. Superstring Capital Management LP purchased a new stake in Spruce Biosciences during the 4th quarter valued at about $1,057,000. Finally, Geode Capital Management LLC purchased a new stake in Spruce Biosciences during the 4th quarter valued at about $1,109,000. 91.71% of the stock is owned by institutional investors and hedge funds.

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.