Spruce Biosciences (NASDAQ:SPRB) Given New $150.00 Price Target at Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB) had its target price reduced by research analysts at Citizens Jmp from $170.00 to $150.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price target would suggest a potential upside of 162.81% from the stock’s previous close.

A number of other research firms have also recently weighed in on SPRB. HC Wainwright reaffirmed a “buy” rating and set a $200.00 target price on shares of Spruce Biosciences in a research note on Tuesday, March 10th. Craig Hallum initiated coverage on Spruce Biosciences in a report on Monday, April 27th. They set a “buy” rating and a $140.00 price objective on the stock. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Spruce Biosciences currently has an average rating of “Moderate Buy” and an average target price of $186.60.

Spruce Biosciences Trading Down 0.8%

NASDAQ SPRB traded down $0.47 during trading on Thursday, hitting $57.08. 2,771 shares of the company’s stock were exchanged, compared to its average volume of 52,629. The company has a market cap of $78.31 million, a PE ratio of -1.11 and a beta of 3.26. Spruce Biosciences has a fifty-two week low of $4.35 and a fifty-two week high of $240.00. The stock’s 50 day moving average price is $61.19 and its two-hundred day moving average price is $77.87.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly 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). Analysts forecast that Spruce Biosciences will post -31.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Carlyle Group Inc. acquired a new position in shares of Spruce Biosciences in the third quarter worth approximately $24,765,000. Boothbay Fund Management LLC acquired a new stake in Spruce Biosciences in the fourth quarter worth $4,175,000. Caligan Partners LP acquired a new stake in Spruce Biosciences in the fourth quarter worth $1,787,000. ADAR1 Capital Management LLC bought a new stake in Spruce Biosciences in the fourth quarter valued at $5,052,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Spruce Biosciences in the fourth quarter valued at $2,157,000. Institutional investors and hedge funds 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.