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

Key Points

• Analyst sentiment is moderately bullish: Twelve brokerages rate Spruce Biosciences a consensus “Moderate Buy,” with 10 buy ratings, one hold and one sell. The average 12-month price target is $159.50.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 91.71% of SPRB, with several firms recently initiating positions, including Alyeska Investment Group’s approximately $4.5 million stake.
• The company remains highly speculative: Shares rose 3.2% to $53.26, but Spruce reported a quarterly loss of $6.68 per share—worse than the expected $5.79 loss—and analysts project a full-year loss of $25.14 per share.

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $159.50.

Several equities analysts have weighed in on SPRB shares. Citigroup restated a "market outperform" rating on shares of Spruce Biosciences in a research note on Thursday, August 13th. Wall Street Zen cut shares of Spruce Biosciences from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. HC Wainwright decreased their price objective on shares of Spruce Biosciences from $200.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, June 1st. Oppenheimer reissued an "outperform" rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Finally, Craig Hallum assumed coverage on Spruce Biosciences in a research report on Monday, April 27th. They set a "buy" rating and a $140.00 price target for the company.

Institutional Investors Weigh In On Spruce Biosciences

Several large investors have recently made changes to their positions in the business. Cable Car Capital LP bought a new stake in shares of Spruce Biosciences during the 3rd quarter worth $239,000. Geode Capital Management LLC bought a new position in Spruce Biosciences during the fourth quarter valued at about $1,109,000. State Street Corp bought a new position in Spruce Biosciences during the fourth quarter valued at about $558,000. Alyeska Investment Group L.P. purchased a new stake in Spruce Biosciences during the fourth quarter worth about $4,501,000. Finally, Quinn Opportunity Partners LLC purchased a new stake in Spruce Biosciences during the fourth quarter worth about $1,987,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Stock Up 3.2%

Shares of Spruce Biosciences stock traded up $1.68 during trading hours on Monday, reaching $53.26. The company's stock had a trading volume of 22,174 shares, compared to its average volume of 57,260. The company has a market capitalization of $152.84 million, a P/E ratio of -1.34 and a beta of 3.23. The stock's fifty day simple moving average is $48.69 and its two-hundred day simple moving average is $55.87. Spruce Biosciences has a one year low of $7.00 and a one year high of $240.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.23 and a current ratio of 9.23.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share for the quarter, missing analysts' consensus estimates of ($5.79) by ($0.89). On average, research analysts forecast that Spruce Biosciences will post -25.14 earnings per share for the current 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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