Spruce Biosciences, Inc. (NASDAQ:SPRB) Given Average Recommendation of “Moderate Buy” by Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $186.60.

A number of research firms have weighed in on SPRB. Craig Hallum started coverage on Spruce Biosciences in a research note on Monday, April 27th. They set a “buy” rating and a $140.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $200.00 price target on shares of Spruce Biosciences in a report on Tuesday, March 10th. Finally, Citizens Jmp lowered their price target on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Thursday.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. SkyView Investment Advisors LLC purchased a new stake in shares of Spruce Biosciences in the 4th quarter valued at approximately $261,000. State Street Corp acquired a new position in Spruce Biosciences in the fourth quarter valued at approximately $558,000. Superstring Capital Management LP acquired a new position in Spruce Biosciences in the fourth quarter valued at approximately $1,057,000. Geode Capital Management LLC purchased a new position in Spruce Biosciences in the fourth quarter worth approximately $1,109,000. Finally, Caligan Partners LP purchased a new position in Spruce Biosciences in the fourth quarter worth approximately $1,787,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Spruce Biosciences Price Performance

SPRB opened at $53.78 on Friday. The company’s 50 day simple moving average is $61.18 and its two-hundred day simple moving average is $77.18. Spruce Biosciences has a 1-year low of $4.35 and a 1-year high of $240.00. The firm has a market capitalization of $73.68 million, a price-to-earnings ratio of -1.47 and a beta of 3.26.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01). On average, equities analysts anticipate that Spruce Biosciences will post -31.02 earnings per share for the current fiscal year.

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.