Citizens Jmp Reaffirms “Market Outperform” Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reiterated by research analysts at Citizens Jmp in a report released on Thursday, Benzinga reports. They currently have a $144.00 target price on the stock. Citizens Jmp’s price objective would indicate a potential upside of 199.60% from the company’s previous close.

Several other equities research analysts also recently commented on the company. B. Riley Financial started coverage on Spruce Biosciences in a report on Monday, July 13th. They issued a “buy” rating and a $160.00 target price on the stock. Guggenheim reissued a “buy” rating and issued a $104.00 target price (down from $123.00) on shares of Spruce Biosciences in a report on Monday, August 17th. The Goldman Sachs Group raised Spruce Biosciences to an “overweight” rating in a report on Thursday, August 13th. Lake Street Capital started coverage on Spruce Biosciences in a report on Thursday, September 17th. They issued a “buy” rating and a $149.00 target price on the stock. Finally, Wall Street Zen cut Spruce Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Spruce Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $158.33.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock traded down $1.36 during trading on Thursday, hitting $48.06. 50,588 shares of the stock traded hands, compared to its average volume of 64,479. The stock has a market cap of $137.94 million, a price-to-earnings ratio of -1.20 and a beta of 3.31. The company has a quick ratio of 9.23, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. Spruce Biosciences has a 52 week low of $7.26 and a 52 week high of $240.00. The firm’s fifty day moving average is $51.20 and its 200-day moving average is $54.59.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results 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 expect that Spruce Biosciences will post -25.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Institutional investors have recently modified their holdings of the company. SkyView Investment Advisors LLC acquired a new stake in shares of Spruce Biosciences in the 2nd quarter valued at about $162,000. Pale Fire Capital SE acquired a new stake in shares of Spruce Biosciences in the second quarter valued at approximately $206,000. AWM Investment Company Inc. bought a new position in shares of Spruce Biosciences in the second quarter valued at approximately $7,937,000. Bank of New York Mellon Corp bought a new position in shares of Spruce Biosciences in the second quarter valued at approximately $366,000. Finally, Stempoint Capital LP bought a new position in shares of Spruce Biosciences in the first quarter valued at approximately $416,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.