Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Consensus Rating of “Moderate Buy” from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been given an average rating of “Moderate Buy” by the ten brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $163.00.

A number of equities analysts have recently commented on SPRB shares. Guggenheim assumed coverage on Spruce Biosciences in a report on Tuesday, June 16th. They issued a “buy” rating and a $123.00 target price for the company. JonesTrading assumed coverage on Spruce Biosciences in a research report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spruce Biosciences in a research note on Friday, June 5th. Oppenheimer reiterated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Finally, Citizens Jmp lowered their target price on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a report on Thursday, May 14th.

Hedge Funds Weigh In On Spruce Biosciences

Several hedge funds have recently bought and sold shares of SPRB. ADAR1 Capital Management LLC increased its stake in Spruce Biosciences by 1.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after buying an additional 600 shares during the period. SkyView Investment Advisors LLC purchased a new stake in Spruce Biosciences in the 4th quarter valued at about $261,000. Stempoint Capital LP bought a new position in Spruce Biosciences in the 1st quarter worth about $416,000. State Street Corp bought a new position in Spruce Biosciences in the 4th quarter worth about $558,000. Finally, Superstring Capital Management LP purchased a new position in shares of Spruce Biosciences during the fourth quarter worth approximately $1,057,000. Institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Price Performance

Spruce Biosciences stock traded down $1.67 during mid-day trading on Friday, reaching $50.07. 56,469 shares of the company’s stock traded hands, compared to its average volume of 82,383. Spruce Biosciences has a 12-month low of $5.41 and a 12-month high of $240.00. The company has a market cap of $137.79 million, a price-to-earnings ratio of -1.37 and a beta of 3.16. The stock has a 50 day moving average of $52.33 and a two-hundred day moving average of $63.24. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16.

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

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.