Carlyle Group Inc. Invests $24.77 Million in Spruce Biosciences, Inc. $SPRB

Carlyle Group Inc. bought a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 2,896,518 shares of the company’s stock, valued at approximately $24,765,000. Spruce Biosciences makes up about 0.6% of Carlyle Group Inc.’s holdings, making the stock its 4th largest position. Carlyle Group Inc. owned approximately 5.79% of Spruce Biosciences as of its most recent SEC filing.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SPRB. Citigroup reaffirmed a “market perform” rating on shares of Spruce Biosciences in a report on Tuesday, November 11th. Oppenheimer assumed coverage on shares of Spruce Biosciences in a report on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 price target on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spruce Biosciences in a research report on Monday, December 29th. Leerink Partners raised shares of Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 target price on the stock in a research report on Wednesday, December 3rd. Finally, Zacks Research lowered Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Spruce Biosciences has an average rating of “Hold” and a consensus price target of $191.90.

Spruce Biosciences Stock Down 8.2%

Shares of SPRB stock opened at $53.48 on Thursday. The firm has a market cap of $57.22 million, a P/E ratio of -0.63 and a beta of 3.52. The company has a 50 day moving average of $78.94 and a 200-day moving average of $70.40. Spruce Biosciences, Inc. has a 12-month low of $4.28 and a 12-month high of $240.00.

Spruce Biosciences Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company’s lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.