Spruce Biosciences (NASDAQ:SPRB) Earns Market Outperform Rating from Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reissued by Citizens Jmp in a research report issued on Thursday, Benzinga reports. They presently have a $144.00 price target on the stock. Citizens Jmp’s price target would suggest a potential upside of 191.38% from the company’s current price.

A number of other research analysts also recently weighed in on the company. B. Riley Financial began coverage on Spruce Biosciences in a research note on Monday, July 13th. They issued a “buy” rating and a $160.00 price objective on the stock. Wall Street Zen lowered shares of Spruce Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Lake Street Capital initiated coverage on Spruce Biosciences in a research note on Thursday, September 17th. They issued a “buy” rating and a $149.00 target price for the company. HC Wainwright reissued a “buy” rating on shares of Spruce Biosciences in a research report on Wednesday, August 26th. Finally, Guggenheim restated 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. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $158.33.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB opened at $49.42 on Thursday. Spruce Biosciences has a 12-month low of $7.26 and a 12-month high of $240.00. The company has a quick ratio of 9.23, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. The company has a market cap of $141.84 million, a P/E ratio of -1.24 and a beta of 3.31. The company’s fifty day moving average is $51.20 and its two-hundred day moving average is $54.59.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SkyView Investment Advisors LLC acquired a new stake in Spruce Biosciences in the second quarter worth $162,000. Pale Fire Capital SE acquired a new position in Spruce Biosciences during the second quarter worth $206,000. AWM Investment Company Inc. acquired a new position in Spruce Biosciences during the second quarter worth 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 about $366,000. Finally, Stempoint Capital LP acquired a new stake in shares of Spruce Biosciences during the first quarter worth $416,000. 91.71% of the stock is currently owned by institutional investors.

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.