Spruce Biosciences (NASDAQ:SPRB) Research Coverage Started at Lake Street Capital

Lake Street Capital initiated coverage on shares of Spruce Biosciences (NASDAQ:SPRB) in a research note released on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $149.00 price target on the stock.

SPRB has been the subject of a number of other research reports. B. Riley Financial initiated coverage on Spruce Biosciences in a report on Monday, July 13th. They issued a “buy” rating and a $160.00 price objective for the company. Citizens Jmp dropped their target price on shares of Spruce Biosciences from $150.00 to $144.00 and set a “market outperform” rating on the stock in a report on Thursday, August 13th. JonesTrading began coverage on shares of Spruce Biosciences in a research report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 target price on the stock. Weiss Ratings upgraded shares of Spruce Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. Finally, Wall Street Zen cut shares of Spruce Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued 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 Performance

Shares of SPRB opened at $53.05 on Thursday. The company has a 50-day simple moving average of $50.94 and a two-hundred day simple moving average of $54.68. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.23 and a quick ratio of 9.23. The firm has a market capitalization of $152.25 million, a PE ratio of -1.33 and a beta of 3.31. Spruce Biosciences has a one year low of $7.26 and a one year high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). On average, analysts anticipate that Spruce Biosciences will post -25.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Several hedge funds have recently added to or reduced their stakes in SPRB. AWM Investment Company Inc. purchased a new stake in Spruce Biosciences during the 2nd quarter valued at about $7,937,000. Stempoint Capital LP bought a new stake in Spruce Biosciences in the 1st quarter worth approximately $416,000. ADAR1 Capital Management LLC grew its holdings in shares of Spruce Biosciences by 1.0% in the first quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after acquiring an additional 600 shares during the period. SkyView Investment Advisors LLC bought a new stake in shares of Spruce Biosciences during the 2nd quarter valued at about $162,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Spruce Biosciences in the second quarter worth approximately $366,000. 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.