Lake Street Capital Initiates Coverage on Spruce Biosciences (NASDAQ:SPRB)

Key Points

• Lake Street Capital initiated coverage of Spruce Biosciences with a “buy” rating and a $149 price target, implying 175.11% upside from the prior close.
• Analyst sentiment is broadly positive: 11 analysts rate the stock a Buy, one rates it Hold, and one rates it Sell, producing a consensus “Moderate Buy” rating and average target of $158.33.
• Spruce reported a quarterly loss of $6.68 per share, missing the $5.79 consensus estimate. The clinical-stage biotech is developing tildacerfont, an investigational treatment primarily targeting congenital adrenal hyperplasia.

Stock analysts at Lake Street Capital started coverage on shares of Spruce Biosciences (NASDAQ:SPRB - Get Free Report) in a research report issued on Thursday, MarketBeat.com reports. The brokerage set a "buy" rating and a $149.00 price target on the stock. Lake Street Capital's price objective would suggest a potential upside of 175.11% from the stock's previous close.

A number of other equities analysts also recently issued reports on the company. Oppenheimer reaffirmed an "outperform" rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. B. Riley Financial started coverage on shares of Spruce Biosciences in a research report on Monday, July 13th. They issued a "buy" rating and a $160.00 target price on the stock. Guggenheim reiterated a "buy" rating and set a $104.00 price target (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th. Weiss Ratings raised shares of Spruce Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 27th. Finally, Citigroup restated a "market outperform" rating on shares of Spruce Biosciences in a research note on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $158.33.

Spruce Biosciences Stock Down 1.8%

Shares of NASDAQ:SPRB opened at $54.16 on Thursday. Spruce Biosciences has a fifty-two week low of $7.26 and a fifty-two week high of $240.00. The firm's 50 day moving average price is $50.84 and its 200 day moving average price is $54.70. The company has a quick ratio of 9.23, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. The stock has a market cap of $155.44 million, a price-to-earnings ratio of -1.36 and a beta of 3.31.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last announced its quarterly earnings data 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 predict that Spruce Biosciences will post -25.53 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

Large investors have recently bought and sold shares of the business. SkyView Investment Advisors LLC purchased a new position in shares of Spruce Biosciences during the second quarter worth about $162,000. Pale Fire Capital SE acquired a new stake in Spruce Biosciences during the 2nd quarter worth approximately $206,000. Bank of New York Mellon Corp acquired a new stake in Spruce Biosciences during the 2nd quarter worth 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 grew its stake 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 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.

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