Spruce Biosciences (NASDAQ:SPRB) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Spruce Biosciences (NASDAQ:SPRB) had its price objective hoisted by research analysts at Citizens Jmp from $254.00 to $259.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective suggests a potential upside of 124.03% from the stock’s current price.

Other analysts have also recently issued reports about the company. JMP Securities set a $259.00 price objective on Spruce Biosciences in a research report on Tuesday. Leerink Partners set a $160.00 price objective on shares of Spruce Biosciences and gave the stock a “market perform” rating in a research report on Tuesday, October 21st. Citigroup reiterated a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spruce Biosciences in a research note on Wednesday, November 5th. Finally, Zacks Research downgraded Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus target price of $178.88.

Spruce Biosciences Stock Down 9.0%

SPRB stock opened at $115.61 on Tuesday. Spruce Biosciences has a 52-week low of $4.28 and a 52-week high of $240.00. The firm has a market cap of $57.81 million, a P/E ratio of -1.34 and a beta of 3.22. The company’s 50-day simple moving average is $75.98 and its 200-day simple moving average is $31.04.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Monday, November 10th. The company reported ($14.58) earnings per share for the quarter, beating the consensus estimate of ($15.56) by $0.98. On average, analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Carlyle Group Inc. purchased a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences accounts for about 0.6% of Carlyle Group Inc.’s portfolio, making the stock its 4th largest holding. Carlyle Group Inc. owned 579.30% of Spruce Biosciences as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 91.71% of the company’s stock.

About Spruce Biosciences

Spruce Biosciences, Inc, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease control and reduce steroid burden for patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction in adult patients with classic CAH that is Phase 2b clinical trial.