Spruce Biosciences (NASDAQ:SPRB) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Spruce Biosciences (NASDAQ:SPRB) from a sell rating to a hold rating in a report issued on Saturday morning.

Other research analysts have also recently issued reports about the company. JMP Securities set a $259.00 price objective on Spruce Biosciences in a report on Tuesday, November 11th. Citigroup restated a “market perform” rating on shares of Spruce Biosciences in a research report on Tuesday, November 11th. Leerink Partnrs raised Spruce Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Zacks Research cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Spruce Biosciences in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus price target of $178.88.

Spruce Biosciences Trading Down 11.6%

Shares of SPRB opened at $79.99 on Friday. Spruce Biosciences has a 12-month low of $4.28 and a 12-month high of $240.00. The firm has a 50-day moving average price of $111.42 and a 200 day moving average price of $43.55. The firm has a market capitalization of $85.59 million, a P/E ratio of -0.94 and a beta of 3.45.

Spruce Biosciences (NASDAQ:SPRB) last issued its 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. Equities research analysts predict that Spruce Biosciences will post -1 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Cable Car Capital LP acquired a new stake in Spruce Biosciences, Inc. (NASDAQ:SPRB) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 26,666 shares of the company’s stock, valued at approximately $239,000. Cable Car Capital LP owned approximately 5.33% of Spruce Biosciences as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors 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.