Spruce Biosciences (NASDAQ:SPRB) Now Covered by JonesTrading

Equities researchers at JonesTrading initiated coverage on shares of Spruce Biosciences (NASDAQ:SPRB) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $135.00 price target on the stock. JonesTrading’s price target indicates a potential upside of 173.72% from the company’s previous close.

Other research analysts have also recently issued reports about the company. HC Wainwright reduced their price target on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday. Oppenheimer reiterated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. 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. Finally, Craig Hallum started coverage on Spruce Biosciences in a research report on Monday, April 27th. They set a “buy” rating and a $140.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $169.67.

Spruce Biosciences Stock Down 2.2%

Shares of SPRB stock opened at $49.32 on Tuesday. The stock has a 50 day moving average of $57.73 and a 200 day moving average of $69.82. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. The stock has a market cap of $135.63 million, a P/E ratio of -1.35 and a beta of 3.12. Spruce Biosciences has a twelve month low of $4.35 and a twelve month high of $240.00.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing the consensus estimate of ($7.93) by ($1.01). As a group, sell-side analysts expect that Spruce Biosciences will post -22.24 EPS for the current year.

Institutional Trading of Spruce Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in SPRB. Cable Car Capital LP purchased a new stake in shares of Spruce Biosciences in the third quarter valued at approximately $239,000. SkyView Investment Advisors LLC purchased a new stake in shares of Spruce Biosciences in the fourth quarter valued at approximately $261,000. Stempoint Capital LP purchased a new stake in shares of Spruce Biosciences in the first quarter valued at approximately $416,000. State Street Corp purchased a new stake in shares of Spruce Biosciences in the fourth quarter valued at approximately $558,000. Finally, Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences in the fourth quarter valued at approximately $1,057,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Spruce Biosciences Company Profile

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.