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

Key Points

• Analysts have given Spruce Biosciences a consensus rating of "Hold" from seven brokerages (1 sell, 2 hold, 4 buy), with an average 1‑year price target of $203.25.
• Institutional investors own a very large stake—91.71%—with recent notable purchases including Carlyle Group (~$24.8M) and Alyeska (~$4.5M).
• The stock is volatile and fundamentally weak: it opened at $69.89, has a 12‑month range of $4.28–$240.00 and a market cap of $95.75M, and it reported a quarterly EPS of ($9.58) and analysts forecast ~(-31.02) EPS for the year.

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB - Get Free Report) have been given a consensus recommendation of "Hold" by the seven brokerages that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $203.25.

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Spruce Biosciences in a report on Monday, December 29th. Citizens Jmp reduced their target price on Spruce Biosciences from $180.00 to $170.00 and set a "market outperform" rating for the company in a report on Tuesday, March 10th. Wall Street Zen cut Spruce Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, December 27th. Oppenheimer began coverage on Spruce Biosciences in a report on Tuesday, December 23rd. They set an "outperform" rating and a $283.00 price target on the stock. Finally, HC Wainwright reissued a "buy" rating and issued a $200.00 target price on shares of Spruce Biosciences in a research report on Tuesday, March 10th.

Institutional Investors Weigh In On Spruce Biosciences

Large investors have recently added to or reduced their stakes in the stock. Carlyle Group Inc. bought a new stake in shares of Spruce Biosciences in the third quarter worth $24,765,000. Cable Car Capital LP bought a new position in shares of Spruce Biosciences in the 3rd quarter worth approximately $239,000. Geode Capital Management LLC bought a new position in shares of Spruce Biosciences in the 4th quarter worth approximately $1,109,000. State Street Corp bought a new position in Spruce Biosciences in the fourth quarter worth approximately $558,000. Finally, Alyeska Investment Group L.P. bought a new position in Spruce Biosciences in the fourth quarter worth approximately $4,501,000. Institutional investors own 91.71% of the company's stock.

Spruce Biosciences Trading Down 0.6%

Shares of Spruce Biosciences stock opened at $69.89 on Tuesday. Spruce Biosciences has a 12-month low of $4.28 and a 12-month high of $240.00. The company's fifty day simple moving average is $63.11 and its two-hundred day simple moving average is $87.37. The company has a market cap of $95.75 million, a P/E ratio of -1.35 and a beta of 3.62.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last issued its quarterly earnings results on Thursday, March 12th. The company reported ($9.58) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($9.16) by ($0.42). Analysts predict that Spruce Biosciences will post -31.02 EPS for the current fiscal year.

About Spruce Biosciences

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company's lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.

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