Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $162.6250.

A number of research firms have weighed in on SPRB. HC Wainwright decreased their price objective on shares of Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Citizens Jmp dropped their target price on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 14th. B. Riley Financial began coverage on Spruce Biosciences in a research note on Monday, July 13th. They issued a “buy” rating and a $160.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Spruce Biosciences in a research note on Friday, June 5th. Finally, Craig Hallum began coverage on Spruce Biosciences in a research note on Monday, April 27th. They set a “buy” rating and a $140.00 price objective for the company.

Spruce Biosciences Stock Up 2.4%

Shares of NASDAQ SPRB traded up $0.99 during trading on Thursday, reaching $42.44. 13,010 shares of the stock were exchanged, compared to its average volume of 58,703. The company has a market capitalization of $116.71 million, a price-to-earnings ratio of -1.16 and a beta of 3.16. The business’s 50-day moving average price is $49.41 and its 200 day moving average price is $59.54. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a twelve month low of $7.00 and a twelve month high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). As a group, equities analysts forecast that Spruce Biosciences will post -21.62 EPS for the current fiscal year.

Institutional Trading of Spruce Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Cable Car Capital LP bought a new stake in shares of Spruce Biosciences in the third quarter worth $239,000. Geode Capital Management LLC bought a new position in Spruce Biosciences during the 4th quarter valued at $1,109,000. State Street Corp acquired a new position in Spruce Biosciences during the 4th quarter worth $558,000. Alyeska Investment Group L.P. acquired a new position in Spruce Biosciences during the 4th quarter worth $4,501,000. Finally, Quinn Opportunity Partners LLC bought a new stake in shares of Spruce Biosciences in the 4th quarter worth about $1,987,000. Institutional investors and hedge funds 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.