Spruce Biosciences, Inc. (NASDAQ:SPRB) Stock Has Consensus Price Target of $158.33

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been given a consensus rating of “Moderate Buy” by the twelve research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and eleven have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $158.33.

SPRB has been the topic of several analyst reports. B. Riley Financial began coverage on shares of Spruce Biosciences in a report on Monday, July 13th. They issued a “buy” rating and a $160.00 price target on the stock. Weiss Ratings upgraded Spruce Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. HC Wainwright reissued a “buy” rating on shares of Spruce Biosciences in a research report on Wednesday, August 26th. Citigroup restated a “market outperform” rating on shares of Spruce Biosciences in a research note on Friday, September 18th. Finally, Guggenheim restated a “buy” rating and set a $104.00 target price (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th.

Spruce Biosciences Stock Up 9.0%

Shares of Spruce Biosciences stock traded up $3.84 on Friday, reaching $46.55. The stock had a trading volume of 63,697 shares, compared to its average volume of 79,842. The company has a 50 day moving average price of $48.51 and a 200 day moving average price of $55.21. The company has a quick ratio of 9.23, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. Spruce Biosciences has a 1 year low of $38.06 and a 1 year high of $129.00. The stock has a market capitalization of $133.60 million, a P/E ratio of -1.17 and a beta of 3.57.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Wednesday, August 12th. The company reported ($6.68) EPS for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89). As a group, equities research analysts forecast that Spruce Biosciences will post -25.53 EPS for the current year.

Institutional Investors Weigh In On Spruce Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. SkyView Investment Advisors LLC purchased a new stake in shares of Spruce Biosciences during the second quarter worth about $162,000. Pale Fire Capital SE acquired a new position in shares of Spruce Biosciences during the second quarter valued at about $206,000. Bank of New York Mellon Corp purchased a new position in shares of Spruce Biosciences in the 2nd quarter valued at approximately $366,000. Stempoint Capital LP purchased a new position in shares of Spruce Biosciences in the 1st quarter valued at approximately $416,000. Finally, ADAR1 Capital Management LLC raised its position in shares of Spruce Biosciences by 1.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock valued at $3,830,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare endocrine disorders. The company’s research is centered on conditions in which abnormal hormone production or regulation creates significant health risks and limited treatment options.

Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 receptor antagonist. Spruce has studied tildacerfont as a potential treatment for congenital adrenal hyperplasia, a rare genetic disorder affecting the adrenal glands, and has evaluated its ability to reduce hormone imbalances associated with the disease.