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

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $162.6250.

A number of research firms have commented on SPRB. Oppenheimer reaffirmed an “outperform” rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Biosciences in a report on Friday, June 5th. Guggenheim began coverage on shares of Spruce Biosciences in a research report on Tuesday, June 16th. They issued a “buy” rating and a $123.00 price target on the stock. Craig Hallum assumed coverage on shares of Spruce Biosciences in a report on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company. Finally, JonesTrading initiated coverage on shares of Spruce Biosciences in a research report on Tuesday, June 9th. They set a “buy” rating and a $135.00 price objective for the company.

Spruce Biosciences Stock Up 2.4%

Spruce Biosciences stock traded up $0.99 during midday trading on Thursday, hitting $42.44. The stock had a trading volume of 13,010 shares, compared to its average volume of 58,703. The business has a fifty day moving average price of $49.41 and a 200 day moving average price of $59.54. Spruce Biosciences has a 12 month low of $7.00 and a 12 month high of $240.00. The stock has a market cap of $116.71 million, a P/E ratio of -1.16 and a beta of 3.16. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Wednesday, May 13th. The company reported ($8.94) EPS for the quarter, missing the consensus estimate of ($7.93) by ($1.01). Research analysts predict that Spruce Biosciences will post -21.62 EPS for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently made changes to their positions in SPRB. SkyView Investment Advisors LLC acquired a new stake in shares of Spruce Biosciences during the 4th quarter worth approximately $261,000. Stempoint Capital LP acquired a new position in Spruce Biosciences during the 1st quarter valued at approximately $416,000. State Street Corp acquired a new position in Spruce Biosciences during the 4th quarter valued at approximately $558,000. Superstring Capital Management LP bought a new position in Spruce Biosciences during the 4th quarter worth $1,057,000. Finally, Geode Capital Management LLC bought a new position in Spruce Biosciences during the 4th quarter worth $1,109,000. 91.71% of the stock is owned by institutional investors.

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.