Spruce Biosciences (NASDAQ:SPRB) Announces Quarterly Earnings Results

Spruce Biosciences (NASDAQ:SPRB) announced its quarterly earnings results on Thursday. The company reported ($9.58) EPS for the quarter, missing the consensus estimate of ($9.16) by ($0.42), Zacks reports.

Spruce Biosciences Price Performance

Shares of SPRB opened at $61.10 on Friday. Spruce Biosciences has a 1-year low of $4.28 and a 1-year high of $240.00. The firm has a market capitalization of $83.71 million, a price-to-earnings ratio of -1.18 and a beta of 3.62. The company has a 50-day moving average of $70.75 and a 200 day moving average of $75.74.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SPRB. SkyView Investment Advisors LLC bought a new stake in Spruce Biosciences in the 4th quarter valued at $261,000. Ikarian Capital LLC boosted its holdings in shares of Spruce Biosciences by 810.3% in the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after buying an additional 108,024 shares in the last quarter. Wellington Management Group LLP purchased a new position in Spruce Biosciences during the fourth quarter worth approximately $5,135,000. Squadron Capital Management LLC acquired a new position in Spruce Biosciences during the fourth quarter worth about $6,098,000. Finally, Superstring Capital Management LP purchased a new position in Spruce Biosciences during the fourth quarter worth about $1,057,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Spruce Biosciences in a report on Monday, December 29th. Leerink Partners upgraded 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. Citizens Jmp reduced their target price on Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating on the stock in a research note on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $200.00 price objective on shares of Spruce Biosciences in a report on Tuesday. Finally, Oppenheimer assumed coverage on Spruce Biosciences in a report on Tuesday, December 23rd. They set an “outperform” rating and a $283.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $170.10.

About Spruce Biosciences

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.