Spruce Biosciences (NASDAQ:SPRB) Upgraded to “Outperform” at Leerink Partners

Spruce Biosciences (NASDAQ:SPRB) was upgraded by equities research analysts at Leerink Partners from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $160.00 target price on the stock. Leerink Partners’ target price indicates a potential upside of 79.37% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spruce Biosciences in a report on Monday. JMP Securities set a $259.00 price objective on shares of Spruce Biosciences in a research report on Tuesday, November 11th. Wall Street Zen upgraded Spruce Biosciences to a “sell” rating in a report on Saturday, November 15th. Citigroup reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday, November 11th. Finally, Citizens Jmp lifted their target price on Spruce Biosciences from $254.00 to $259.00 and gave the company a “market outperform” rating in a research report on Tuesday, November 11th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $178.88.

Spruce Biosciences Trading Up 7.3%

NASDAQ:SPRB opened at $89.20 on Wednesday. Spruce Biosciences has a 1 year low of $4.28 and a 1 year high of $240.00. The stock has a 50-day moving average price of $106.69 and a two-hundred day moving average price of $41.83. The stock has a market cap of $95.44 million, a price-to-earnings ratio of -1.05 and a beta of 3.45.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Monday, November 10th. The company reported ($14.58) EPS for the quarter, topping analysts’ consensus estimates of ($15.56) by $0.98. Sell-side analysts forecast that Spruce Biosciences will post -1 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Spruce Biosciences stock. Cable Car Capital LP purchased a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 26,666 shares of the company’s stock, valued at approximately $239,000. Cable Car Capital LP owned about 5.33% of Spruce Biosciences as of its most recent SEC filing. 91.71% of the stock is owned by institutional investors.

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.