Spruce Biosciences’ (SPRB) “Market Outperform” Rating Reiterated at Citizens Jmp

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reissued by equities research analysts at Citizens Jmp in a note issued to investors on Thursday, Benzinga reports. They presently have a $144.00 target price on the stock. Citizens Jmp’s target price would suggest a potential upside of 196.86% from the company’s previous close.

A number of other research firms also recently weighed in on SPRB. Oppenheimer reaffirmed an “outperform” rating on shares of Spruce Biosciences in a research note on Wednesday, May 27th. Citigroup reaffirmed a “market outperform” rating on shares of Spruce Biosciences in a research report on Friday, September 18th. The Goldman Sachs Group upgraded Spruce Biosciences to an “overweight” rating in a report on Thursday, August 13th. Guggenheim restated a “buy” rating and issued a $104.00 price objective (down from $123.00) on shares of Spruce Biosciences in a report on Monday, August 17th. Finally, Lake Street Capital assumed coverage on shares of Spruce Biosciences in a research note on Thursday, September 17th. They issued a “buy” rating and a $149.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $158.33.

Spruce Biosciences Stock Down 1.8%

NASDAQ SPRB traded down $0.91 during trading on Thursday, reaching $48.51. 55,470 shares of the company’s stock were exchanged, compared to its average volume of 64,506. 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 fifty-two week low of $7.26 and a fifty-two week high of $240.00. The company’s fifty day simple moving average is $51.20 and its 200-day simple moving average is $54.59. The firm has a market capitalization of $139.22 million, a PE ratio of -1.21 and a beta of 3.31.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($6.68) EPS for the quarter, missing the consensus estimate of ($5.79) by ($0.89). Sell-side analysts predict that Spruce Biosciences will post -25.53 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. AWM Investment Company Inc. bought a new stake in Spruce Biosciences during the second quarter worth approximately $7,937,000. Bank of New York Mellon Corp acquired a new stake in shares of Spruce Biosciences in the second quarter worth $366,000. Stempoint Capital LP acquired a new stake in shares of Spruce Biosciences in the first quarter worth $416,000. Pale Fire Capital SE bought a new stake in shares of Spruce Biosciences during the 2nd quarter worth $206,000. Finally, SkyView Investment Advisors LLC acquired a new position in Spruce Biosciences in the 2nd quarter valued at $162,000. 91.71% of the stock is 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.