Spruce Biosciences, Inc. (NASDAQ:SPRB) Given Average Rating of “Moderate Buy” by Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has received an average rating of “Moderate Buy” from the eight ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $178.8750.

SPRB has been the subject of several research reports. Leerink Partners raised Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 target price for the company in a research report on Wednesday, December 3rd. JMP Securities set a $259.00 target price on shares of Spruce Biosciences in a research report on Tuesday, November 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Spruce Biosciences in a research report on Monday. Leerink Partnrs raised shares of Spruce Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. Finally, Citigroup reiterated a “market perform” rating on shares of Spruce Biosciences in a report on Tuesday, November 11th.

Spruce Biosciences Stock Down 3.3%

NASDAQ:SPRB opened at $78.00 on Wednesday. The firm’s fifty day simple moving average is $116.15 and its 200 day simple moving average is $47.46. The stock has a market cap of $83.46 million, a P/E ratio of -0.92 and a beta of 3.45. Spruce Biosciences has a twelve month low of $4.28 and a twelve month high of $240.00.

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

Institutional Investors Weigh In On Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Carlyle Group Inc. purchased a new position in Spruce Biosciences, Inc. (NASDAQ:SPRB) during the third 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 makes up 0.6% of Carlyle Group Inc.’s investment portfolio, making the stock its 4th largest holding. Carlyle Group Inc. owned approximately 579.30% of Spruce Biosciences at the end of the most recent reporting period. 91.71% of the stock is currently owned by institutional investors.

Spruce Biosciences Company Profile

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.