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

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $162.6250.

Several research firms have commented on SPRB. Guggenheim assumed coverage on shares of Spruce Biosciences in a research note on Tuesday, June 16th. They set a “buy” rating and a $123.00 price target on the stock. HC Wainwright cut their price objective on shares of Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, June 1st. B. Riley Financial started coverage on shares of Spruce Biosciences in a report on Monday, July 13th. They set a “buy” rating and a $160.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday, June 5th. Finally, Craig Hallum initiated coverage on shares of Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock opened at $46.61 on Thursday. The firm has a market capitalization of $128.18 million, a PE ratio of -1.27 and a beta of 3.23. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a 12 month low of $7.00 and a 12 month high of $240.00. The business’s 50-day moving average price is $48.73 and its 200-day moving average price is $58.34.

Spruce Biosciences (NASDAQ:SPRB) last released 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). Sell-side analysts forecast that Spruce Biosciences will post -21.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Cable Car Capital LP purchased a new stake in Spruce Biosciences during the 3rd quarter valued at about $239,000. Geode Capital Management LLC purchased a new position in Spruce Biosciences in the 4th quarter worth approximately $1,109,000. State Street Corp purchased a new position in Spruce Biosciences in the 4th quarter worth approximately $558,000. Alyeska Investment Group L.P. bought a new stake in Spruce Biosciences in the fourth quarter valued at approximately $4,501,000. Finally, Quinn Opportunity Partners LLC bought a new stake in Spruce Biosciences in the fourth quarter valued at approximately $1,987,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

About Spruce Biosciences

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.