Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately bullish: Thirteen brokerages assign Spruce Biosciences a consensus “Moderate Buy” rating, with 11 buys, one hold, and one sell. The average 12-month price target is $158.33.
• Institutional ownership is high: Institutional investors and hedge funds own 91.71% of the company, with several firms initiating positions during the first and second quarters.
• Financial results remain challenging: Spruce reported quarterly EPS of -$6.68, missing the consensus estimate of -$5.79, while shares traded at $52.77 and the company has a market capitalization of approximately $151.4 million.

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the thirteen brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $158.3333.

A number of brokerages have commented on SPRB. Oppenheimer reiterated an "outperform" rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. The Goldman Sachs Group upgraded Spruce Biosciences to an "overweight" rating in a research report on Thursday, August 13th. Guggenheim reaffirmed a "buy" rating and set a $104.00 price objective (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th. JonesTrading began coverage on Spruce Biosciences in a research report on Tuesday, June 9th. They set a "buy" rating and a $135.00 price objective for the company. Finally, Lake Street Capital assumed coverage on shares of Spruce Biosciences in a research note on Thursday. They issued a "buy" rating and a $149.00 target price for the company.

Hedge Funds Weigh In On Spruce Biosciences

Institutional investors have recently modified their holdings of the company. SkyView Investment Advisors LLC purchased a new stake in Spruce Biosciences in the 2nd quarter worth approximately $162,000. Pale Fire Capital SE purchased a new position in shares of Spruce Biosciences during the 2nd quarter worth $206,000. AWM Investment Company Inc. acquired a new stake in shares of Spruce Biosciences during the second quarter worth $7,937,000. Bank of New York Mellon Corp purchased a new stake in shares of Spruce Biosciences in the second quarter valued at $366,000. Finally, Stempoint Capital LP purchased a new stake in shares of Spruce Biosciences in the first quarter valued at $416,000. Institutional investors and hedge funds own 91.71% of the company's stock.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB traded down $1.09 during midday trading on Friday, hitting $52.77. 24,268 shares of the stock were exchanged, compared to its average volume of 62,854. Spruce Biosciences has a twelve month low of $7.26 and a twelve month high of $240.00. The company has a current ratio of 9.23, a quick ratio of 9.23 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average price of $50.88 and a 200-day moving average price of $54.69. The stock has a market cap of $151.44 million, a P/E ratio of -1.33 and a beta of 3.31.

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

About Spruce Biosciences

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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