Spruce Biosciences (NASDAQ:SPRB) Upgraded to Strong-Buy at Guggenheim

Guggenheim upgraded shares of Spruce Biosciences (NASDAQ:SPRB) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

Several other research analysts have also commented on SPRB. Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday, June 5th. Citizens Jmp reduced their price target on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Thursday, May 14th. Oppenheimer reissued an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Craig Hallum initiated coverage on Spruce Biosciences in a research report on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company. Finally, JonesTrading initiated coverage on Spruce Biosciences in a research report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $163.00.

Spruce Biosciences Trading Down 5.6%

SPRB opened at $47.10 on Tuesday. The firm has a market cap of $129.62 million, a price-to-earnings ratio of -1.29 and a beta of 3.12. 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 has a 12 month low of $4.77 and a 12 month high of $240.00. The stock has a fifty day moving average price of $55.66 and a 200-day moving average price of $67.39.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly 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). As a group, equities research analysts anticipate that Spruce Biosciences will post -22.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SPRB. Cable Car Capital LP acquired a new position in Spruce Biosciences during the 3rd quarter valued at about $239,000. SkyView Investment Advisors LLC acquired a new position in Spruce Biosciences during the 4th quarter valued at about $261,000. Stempoint Capital LP acquired a new position in Spruce Biosciences during the 1st quarter valued at about $416,000. State Street Corp acquired a new position in Spruce Biosciences during the 4th quarter valued at about $558,000. Finally, Superstring Capital Management LP acquired a new position in Spruce Biosciences during the 4th quarter valued at about $1,057,000. 91.71% of the stock is owned by institutional investors and hedge funds.

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.