Citizens Jmp Reaffirms Market Outperform Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reissued by analysts at Citizens Jmp in a research note issued on Thursday, September 24th, Benzinga reports. They presently have a $144.00 price target on the stock. Citizens Jmp’s price target would suggest a potential upside of 196.42% from the stock’s current price.

Other equities analysts have also issued reports about the company. Lake Street Capital assumed coverage on Spruce Biosciences in a research report on Thursday, September 17th. They set a “buy” rating and a $149.00 price objective on the stock. JonesTrading assumed coverage on Spruce Biosciences in a research report on Tuesday, June 9th. They set a “buy” rating and a $135.00 price objective on the stock. HC Wainwright reiterated a “buy” rating on shares of Spruce Biosciences in a research report on Wednesday, August 26th. Guggenheim restated a “buy” rating and set a $104.00 target price (down from $123.00) on shares of Spruce Biosciences in a report on Monday, August 17th. Finally, The Goldman Sachs Group upgraded Spruce Biosciences to an “overweight” rating in a report on Thursday, August 13th. Eleven analysts have rated the stock with a Buy rating, one has issued 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 a consensus target price of $158.33.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock opened at $48.58 on Thursday. The company has a current ratio of 9.23, a quick ratio of 9.23 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $139.42 million, a PE ratio of -1.22 and a beta of 3.31. The business’s 50-day moving average price is $51.57 and its 200-day moving average price is $54.14. Spruce Biosciences has a 12 month low of $7.88 and a 12 month high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last announced 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 forecast that Spruce Biosciences will post -25.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Several institutional investors have recently bought and sold shares of the stock. AWM Investment Company Inc. purchased a new stake in Spruce Biosciences in the 2nd quarter worth approximately $7,937,000. Bank of New York Mellon Corp purchased a new stake in Spruce Biosciences in the 2nd quarter worth approximately $366,000. Stempoint Capital LP purchased a new stake in Spruce Biosciences in the 1st quarter worth approximately $416,000. Pale Fire Capital SE purchased a new stake in Spruce Biosciences in the 2nd quarter worth approximately $206,000. Finally, SkyView Investment Advisors LLC purchased a new stake in Spruce Biosciences in the 2nd quarter worth approximately $162,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for endocrine disorders. The company’s research has centered on therapies intended to address conditions involving hormone dysregulation and adrenal function.

Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 (CRF1) receptor antagonist. The therapy is designed to reduce excessive adrenocorticotropic hormone (ACTH) signaling and adrenal androgen production, with development focused primarily on congenital adrenal hyperplasia (CAH), a rare inherited disorder affecting cortisol production.