Spruce Biosciences, Inc. (NASDAQ:SPRB) Given Average Recommendation of “Hold” by Brokerages

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have earned an average rating of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $187.90.

A number of equities research analysts have recently weighed in on the company. Citigroup restated a “market perform” rating on shares of Spruce Biosciences in a research note on Tuesday, November 11th. Wall Street Zen cut shares of Spruce Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Citizens Jmp set a $259.00 price target on shares of Spruce Biosciences in a research note on Tuesday, November 11th. HC Wainwright reaffirmed a “buy” rating and issued a $200.00 price target (down from $220.00) on shares of Spruce Biosciences in a report on Thursday, February 19th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Spruce Biosciences in a research note on Monday, December 29th.

Spruce Biosciences Price Performance

Shares of SPRB stock opened at $55.25 on Monday. The stock’s fifty day moving average price is $75.43 and its 200 day moving average price is $73.54. Spruce Biosciences has a 1-year low of $4.28 and a 1-year high of $240.00. The company has a market cap of $59.11 million, a price-to-earnings ratio of -0.65 and a beta of 3.52.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Carlyle Group Inc. acquired a new stake in shares of Spruce Biosciences during the 3rd quarter worth approximately $24,765,000. Ikarian Capital LLC lifted its stake in shares of Spruce Biosciences by 810.3% in the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after purchasing an additional 108,024 shares during the period. Wellington Management Group LLP purchased a new stake in Spruce Biosciences during the fourth quarter worth $5,135,000. Squadron Capital Management LLC acquired a new stake in Spruce Biosciences during the fourth quarter valued at $6,098,000. Finally, Superstring Capital Management LP purchased a new position in Spruce Biosciences in the fourth quarter valued at $1,057,000. 91.71% of the stock is owned by institutional investors and hedge funds.

Spruce Biosciences Company Profile

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.