Spruce Biosciences (NASDAQ:SPRB) Upgraded at Guggenheim

Spruce Biosciences (NASDAQ:SPRB) was upgraded by analysts at Guggenheim to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

SPRB has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Biosciences in a research note on Friday, June 5th. Citizens Jmp lowered their price objective on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a research note on Thursday, May 14th. HC Wainwright lowered 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. JonesTrading started coverage on shares of Spruce Biosciences in a research note on Tuesday, June 9th. They issued a “buy” rating and a $135.00 price objective for the company. Finally, Craig Hallum started coverage on shares of Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Spruce Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Spruce Biosciences Stock Down 5.6%

Shares of SPRB opened at $47.10 on Tuesday. The firm has a market capitalization of $129.62 million, a P/E ratio of -1.29 and a beta of 3.12. Spruce Biosciences has a 12-month low of $4.77 and a 12-month high of $240.00. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $55.66 and a 200-day moving average price of $67.39.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). Equities research analysts expect that Spruce Biosciences will post -22.24 earnings per share for the current year.

Institutional Trading of Spruce Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Cable Car Capital LP purchased a new stake in Spruce Biosciences in the third quarter worth about $239,000. SkyView Investment Advisors LLC purchased a new stake in shares of Spruce Biosciences during the fourth quarter valued at about $261,000. Stempoint Capital LP purchased a new stake in shares of Spruce Biosciences during the first quarter valued at about $416,000. State Street Corp purchased a new stake in shares of Spruce Biosciences during the fourth quarter valued at about $558,000. Finally, Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences during the fourth quarter valued at about $1,057,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

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.