Spruce Biosciences (NASDAQ:SPRB) Upgraded to Sell at Wall Street Zen

Key Points

• Wall Street Zen raised Spruce Biosciences from “strong sell” to “sell.” Overall analyst sentiment remains more positive: MarketBeat reports a “Moderate Buy” consensus, with 11 Buy ratings and one Sell rating and an average price target of $158.22.
• Spruce reported quarterly EPS of -$8.51, missing the consensus estimate of -$5.68; analysts expect full-year EPS of -$28.15.
• Shares opened at $43.31, while the company’s market capitalization was about $124.3 million. Hedge funds and other institutional investors owned 91.71% of its stock.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities analysts also recently commented on the company. Citigroup reaffirmed a "market outperform" rating on shares of Spruce Biosciences in a research report on Thursday. Weiss Ratings upgraded Spruce Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, October 6th. Citizens Jmp set a $143.00 target price on Spruce Biosciences in a research report on Thursday. Guggenheim reissued 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. Finally, Lake Street Capital initiated coverage on shares of Spruce Biosciences in a research note on Thursday, September 17th. They issued a "buy" rating and a $149.00 price target on the stock. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Spruce Biosciences currently has an average rating of "Moderate Buy" and an average target price of $158.22.

Spruce Biosciences Trading Up 1.0%

SPRB opened at $43.31 on Friday. The stock has a market cap of $124.30 million, a price-to-earnings ratio of -1.28 and a beta of 3.57. The stock's 50 day moving average price is $47.22 and its 200-day moving average price is $54.29. Spruce Biosciences has a one year low of $38.06 and a one year high of $127.90. The company has a debt-to-equity ratio of 0.06, a quick ratio of 9.23 and a current ratio of 4.83.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last issued its quarterly earnings results on Monday, November 9th. The company reported ($8.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($5.68) by ($2.83). On average, equities analysts forecast that Spruce Biosciences will post -28.15 EPS for the current year.

Institutional Investors Weigh In On Spruce Biosciences

Several hedge funds have recently made changes to their positions in SPRB. SkyView Investment Advisors LLC bought a new position in Spruce Biosciences during the 2nd quarter worth about $162,000. Pale Fire Capital SE bought a new stake in shares of Spruce Biosciences in the 2nd quarter valued at about $206,000. AWM Investment Company Inc. bought a new stake in shares of Spruce Biosciences in the 2nd quarter valued at about $7,937,000. Bank of New York Mellon Corp bought a new stake in shares of Spruce Biosciences in the 2nd quarter valued at about $366,000. Finally, Stempoint Capital LP bought a new stake in shares of Spruce Biosciences in the 1st quarter valued at about $416,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Spruce Biosciences Company Profile

Spruce Biosciences is a biotechnology company focused on developing treatments for rare endocrine disorders. The U.S.-based company has concentrated on conditions with limited treatment options and has advanced oral drug candidates through clinical development. Its lead investigational candidate, tildacerfont, is a corticotropin-releasing factor type 1 receptor antagonist that Spruce studied for congenital adrenal hyperplasia, a rare disorder affecting hormone production. The company also evaluated the candidate for other endocrine conditions, including polycystic ovary syndrome.

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