Spruce Biosciences, Inc. (NASDAQ:SPRB) Stock Rated “Moderate Buy” by Wall Street Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been assigned an average recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eleven 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 $158.33.

Several equities analysts have issued reports on SPRB shares. Guggenheim reiterated a “buy” rating and issued a $104.00 target price (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th. Citigroup reissued a “market outperform” rating on shares of Spruce Biosciences in a research report on Friday, September 18th. Lake Street Capital assumed coverage on shares of Spruce Biosciences in a research report on Thursday, September 17th. They set a “buy” rating and a $149.00 price target for the company. Weiss Ratings upgraded shares of Spruce Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Spruce Biosciences in a research report on Wednesday, August 26th.

Spruce Biosciences Stock Down 1.8%

Shares of NASDAQ:SPRB traded down $0.79 on Tuesday, reaching $42.08. The company had a trading volume of 10,678 shares, compared to its average volume of 64,564. The firm has a market capitalization of $120.77 million, a PE ratio of -1.06 and a beta of 3.25. The company has a current ratio of 9.23, a quick ratio of 9.23 and a debt-to-equity ratio of 0.05. Spruce Biosciences has a 52-week low of $40.33 and a 52-week high of $188.25. The firm’s 50 day simple moving average is $51.83 and its 200-day simple moving average is $53.23.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data 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). As a group, analysts expect that Spruce Biosciences will post -25.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of SPRB. AWM Investment Company Inc. purchased a new position in Spruce Biosciences in the second quarter worth $7,937,000. ADAR1 Capital Management LLC increased its position in shares of Spruce Biosciences by 1.0% during the first quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after purchasing an additional 600 shares in the last quarter. Stempoint Capital LP acquired a new position in shares of Spruce Biosciences during the first quarter worth $416,000. Bank of New York Mellon Corp purchased a new stake in shares of Spruce Biosciences during the 2nd quarter valued at $366,000. Finally, Pale Fire Capital SE purchased a new stake in shares of Spruce Biosciences during the 2nd quarter valued at $206,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a biotechnology company focused on developing medicines for rare endocrine disorders. The company’s research centers on conditions in which abnormal hormone production creates significant health complications and limited treatment options.

Spruce’s lead product candidate is tildacerfont, an investigational, orally administered selective corticotropin-releasing factor type 1 receptor antagonist. The therapy is designed to regulate the hypothalamic-pituitary-adrenal axis and reduce excessive adrenocorticotropic hormone and adrenal androgen production.