Spruce Biosciences’ (SPRB) Market Outperform Rating Reaffirmed at Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reiterated by equities research analysts at Citizens Jmp in a report released on Thursday, Benzinga reports. They presently have a $144.00 target price on the stock. Citizens Jmp’s target price indicates a potential upside of 199.59% from the stock’s current price.

SPRB has been the subject of several other research reports. Lake Street Capital started coverage on shares of Spruce Biosciences in a research note on Thursday, September 17th. They issued a “buy” rating and a $149.00 price objective for the company. Weiss Ratings lowered shares of Spruce Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. JonesTrading started coverage on shares of Spruce Biosciences in a research report on Tuesday, June 9th. They set a “buy” rating and a $135.00 target price for the company. Citigroup reissued a “market outperform” rating on shares of Spruce Biosciences in a research report on Friday, September 18th. Finally, HC Wainwright reissued a “buy” rating on shares of Spruce Biosciences in a research report on Wednesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $158.33.

Spruce Biosciences Stock Down 2.7%

Shares of SPRB stock traded down $1.36 on Thursday, hitting $48.07. The company’s stock had a trading volume of 53,893 shares, compared to its average volume of 64,483. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.23 and a quick ratio of 9.23. Spruce Biosciences has a fifty-two week low of $7.26 and a fifty-two week high of $240.00. The firm’s fifty day moving average price is $51.20 and its 200-day moving average price is $54.59. The stock has a market capitalization of $137.95 million, a price-to-earnings ratio of -1.21 and a beta of 3.31.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.79) by ($0.89). Research analysts anticipate that Spruce Biosciences will post -25.53 EPS for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Large investors have recently modified their holdings of the stock. AWM Investment Company Inc. acquired a new position in shares of Spruce Biosciences during the second quarter worth approximately $7,937,000. SkyView Investment Advisors LLC acquired a new position in shares of Spruce Biosciences during the second quarter worth approximately $162,000. Bank of New York Mellon Corp acquired a new position in shares of Spruce Biosciences during the second quarter worth approximately $366,000. Pale Fire Capital SE acquired a new position in shares of Spruce Biosciences during the second quarter worth approximately $206,000. Finally, Stempoint Capital LP acquired a new position in shares of Spruce Biosciences during the first quarter worth approximately $416,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

About Spruce Biosciences

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for endocrine disorders. The company’s research has centered on therapies intended to address conditions involving hormone dysregulation and adrenal function.

Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 (CRF1) receptor antagonist. The therapy is designed to reduce excessive adrenocorticotropic hormone (ACTH) signaling and adrenal androgen production, with development focused primarily on congenital adrenal hyperplasia (CAH), a rare inherited disorder affecting cortisol production.