Spruce Biosciences' (SPRB) Market Outperform Rating Reiterated at Citizens Jmp

Key Points

• Citizens JMP reiterated its “market outperform” rating on Spruce Biosciences and set a $144 price target, implying nearly 199% upside from the prior close.
• Analyst sentiment remains broadly positive: 11 analysts rate the stock a Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average target of $158.33.
• Spruce shares traded at $48.19, while the company continues developing tildacerfont for endocrine disorders, primarily congenital adrenal hyperplasia; its latest quarterly loss of $6.68 per share exceeded the consensus loss estimate.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report)'s stock had its "market outperform" rating reissued by equities researchers at Citizens Jmp in a report issued on Thursday, Benzinga reports. They currently have a $144.00 price objective on the stock. Citizens Jmp's target price indicates a potential upside of 198.82% from the company's previous close.

SPRB has been the subject of several other reports. JonesTrading assumed coverage on Spruce Biosciences in a research report on Tuesday, June 9th. They set a "buy" rating and a $135.00 target price for the company. Citigroup reissued a "market outperform" rating on shares of Spruce Biosciences in a report on Friday, September 18th. Weiss Ratings cut Spruce Biosciences from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 16th. Oppenheimer reissued an "outperform" rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Finally, B. Riley Financial initiated coverage on Spruce Biosciences in a report on Monday, July 13th. They set a "buy" rating and a $160.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $158.33.

Spruce Biosciences Stock Performance

Shares of SPRB traded down $1.23 during mid-day trading on Thursday, hitting $48.19. The stock had a trading volume of 38,240 shares, compared to its average volume of 64,276. The firm has a market cap of $138.30 million, a P/E ratio of -1.20 and a beta of 3.31. The business has a fifty day moving average price of $51.20 and a 200-day moving average price of $54.59. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.23 and a quick ratio of 9.23. Spruce Biosciences has a 52 week low of $7.26 and a 52 week high of $240.00.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.79) by ($0.89). On average, equities research analysts expect that Spruce Biosciences will post -25.53 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. ADAR1 Capital Management LLC increased its position in Spruce Biosciences by 1.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company's stock valued at $3,830,000 after buying an additional 600 shares in the last quarter. SkyView Investment Advisors LLC bought a new position in shares of Spruce Biosciences during the second quarter valued at $162,000. Pale Fire Capital SE bought a new position in shares of Spruce Biosciences during the second quarter valued at $206,000. Stempoint Capital LP bought a new position in shares of Spruce Biosciences during the first quarter valued at $416,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Spruce Biosciences during the second quarter valued at $366,000. Institutional investors own 91.71% of the company's stock.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for endocrine disorders. The company's research has centered on therapies intended to address conditions involving hormone dysregulation and adrenal function.

Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 (CRF1) receptor antagonist. The therapy is designed to reduce excessive adrenocorticotropic hormone (ACTH) signaling and adrenal androgen production, with development focused primarily on congenital adrenal hyperplasia (CAH), a rare inherited disorder affecting cortisol production.