Spruce Biosciences, Inc. (NASDAQ:SPRB) Stock Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Spruce Biosciences, with 11 buy ratings, one hold and one sell among 13 brokers. The average 12-month price target is $158.33.
• Shares fell 1.8% to $42.08 and remain near their 52-week low of $40.33, while the company reported a quarterly loss of $6.68 per share—worse than the $5.79 consensus estimate.
• Institutional investors own approximately 91.71% of the stock, with several funds—including AWM Investment Company—initiating positions during the reported periods.

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the thirteen brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $158.33.

A number of equities research analysts have weighed in on the company. Citizens Jmp reaffirmed a "market outperform" rating and set a $144.00 target price on shares of Spruce Biosciences in a research report on Thursday, September 24th. HC Wainwright restated a "buy" rating on shares of Spruce Biosciences in a research note on Wednesday, August 26th. Citigroup restated a "market outperform" rating on shares of Spruce Biosciences in a research note on Friday, September 18th. B. Riley Financial began coverage on Spruce Biosciences in a report on Monday, July 13th. They issued a "buy" rating and a $160.00 price objective for the company. Finally, The Goldman Sachs Group raised shares of Spruce Biosciences to an "overweight" rating in a research note on Thursday, August 13th.

Spruce Biosciences Trading Down 1.8%

Shares of NASDAQ SPRB traded down $0.79 during mid-day trading on Tuesday, reaching $42.08. The company had a trading volume of 10,678 shares, compared to its average volume of 64,564. The stock has a market cap of $120.77 million, a price-to-earnings ratio of -1.06 and a beta of 3.25. Spruce Biosciences has a 52 week low of $40.33 and a 52 week high of $188.25. The business's 50-day moving average is $51.83 and its 200-day moving average is $53.23. The company has a current ratio of 9.23, a quick ratio of 9.23 and a debt-to-equity ratio of 0.05.

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

Institutional Inflows and Outflows

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 in the 2nd quarter worth approximately $162,000. Pale Fire Capital SE bought a new position in shares of Spruce Biosciences during the second quarter valued at approximately $206,000. AWM Investment Company Inc. bought a new position in shares of Spruce Biosciences during the second quarter valued at approximately $7,937,000. Bank of New York Mellon Corp bought a new position in shares of Spruce Biosciences during the second quarter valued at approximately $366,000. Finally, Stempoint Capital LP purchased a new position in Spruce Biosciences during the first quarter valued at approximately $416,000. Hedge funds and other institutional investors own 91.71% of the company's stock.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a biotechnology company focused on developing medicines for rare endocrine disorders. The company's research centers on conditions in which abnormal hormone production creates significant health complications and limited treatment options.

Spruce's lead product candidate is tildacerfont, an investigational, orally administered selective corticotropin-releasing factor type 1 receptor antagonist. The therapy is designed to regulate the hypothalamic-pituitary-adrenal axis and reduce excessive adrenocorticotropic hormone and adrenal androgen production.

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