Spruce Biosciences (NASDAQ:SPRB) Price Target Cut to $150.00 by Analysts at HC Wainwright

Spruce Biosciences (NASDAQ:SPRB) had its target price cut by equities researchers at HC Wainwright from $200.00 to $150.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 192.57% from the stock’s current price.

SPRB has been the topic of a number of other research reports. Craig Hallum initiated coverage on Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 target price on the stock. Citizens Jmp cut their target price on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 14th. Finally, Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a research note on Wednesday. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $176.60.

Spruce Biosciences Price Performance

SPRB stock opened at $51.27 on Monday. The company has a market capitalization of $140.99 million, a P/E ratio of -1.40 and a beta of 3.12. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.67 and a current ratio of 4.67. Spruce Biosciences has a 52-week low of $4.35 and a 52-week high of $240.00. The business has a 50-day simple moving average of $59.28 and a two-hundred day simple moving average of $72.33.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). Research analysts expect that Spruce Biosciences will post -27.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of SPRB. Carlyle Group Inc. bought a new stake in Spruce Biosciences during the 3rd quarter valued at $24,765,000. Ikarian Capital LLC increased its holdings in shares of Spruce Biosciences by 810.3% in the fourth quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock worth $10,571,000 after purchasing an additional 108,024 shares during the period. Squadron Capital Management LLC bought a new position in shares of Spruce Biosciences in the fourth quarter worth $6,098,000. Wellington Management Group LLP bought a new position in shares of Spruce Biosciences in the fourth quarter worth $5,135,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of Spruce Biosciences in the fourth quarter worth $5,052,000. Institutional investors own 91.71% of the company’s stock.

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.