Spruce Biosciences (NASDAQ:SPRB) Stock Rating Lowered by Wall Street Zen

Spruce Biosciences (NASDAQ:SPRB) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday.

Other equities research analysts have also issued reports about the stock. Guggenheim began coverage on shares of Spruce Biosciences in a report on Tuesday, June 16th. They issued a “buy” rating and a $123.00 target price on the stock. Citigroup reissued a “market outperform” rating on shares of Spruce Biosciences in a report on Thursday. 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 report on Monday, June 1st. JonesTrading started coverage on Spruce Biosciences in a research note on Tuesday, June 9th. They set a “buy” rating and a $135.00 price objective on the stock. Finally, Weiss Ratings cut Spruce Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.88.

Spruce Biosciences Price Performance

Spruce Biosciences stock opened at $52.64 on Friday. The company has a current ratio of 9.23, a quick ratio of 9.23 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $151.08 million, a P/E ratio of -1.32 and a beta of 3.23. The business has a 50-day moving average of $48.37 and a 200-day moving average of $56.85. Spruce Biosciences has a 1 year low of $7.00 and a 1 year high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). On average, equities analysts anticipate that Spruce Biosciences will post -25.14 EPS for the current year.

Institutional Investors Weigh In On Spruce Biosciences

Several large investors have recently made changes to their positions in the stock. Cable Car Capital LP acquired a new stake in shares of Spruce Biosciences during the third quarter worth $239,000. Geode Capital Management LLC bought a new stake in Spruce Biosciences in the 4th quarter valued at $1,109,000. State Street Corp acquired a new position in Spruce Biosciences in the 4th quarter worth $558,000. Alyeska Investment Group L.P. acquired a new position in Spruce Biosciences in the 4th quarter worth $4,501,000. Finally, Quinn Opportunity Partners LLC bought a new position in Spruce Biosciences during the 4th quarter worth about $1,987,000. 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.