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

Key Points

• Analysts give Spruce Biosciences a “Moderate Buy” consensus: Eight of 11 brokerages rate the stock a buy, while two recommend holding and one rates it a sell. The average 12-month price target is $162.63.
• Several firms recently lowered their price targets to between $140 and $150, although new coverage from B. Riley and Craig Hallum maintained buy ratings with targets of $160 and $140, respectively.
• Shares rose 2.4% to $42.44, but the company reported a quarterly loss of $8.94 per share, missing the $7.93 consensus estimate. Institutional investors and hedge funds own 91.71% of the stock.

Spruce Biosciences, Inc. (NASDAQ:SPRB - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $162.6250.

A number of research firms have weighed in on SPRB. 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 report on Monday, June 1st. Citizens Jmp dropped their target price on Spruce Biosciences from $170.00 to $150.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 14th. B. Riley Financial began coverage on Spruce Biosciences in a research note on Monday, July 13th. They issued a "buy" rating and a $160.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Spruce Biosciences in a research note on Friday, June 5th. Finally, Craig Hallum began coverage on Spruce Biosciences in a research note on Monday, April 27th. They set a "buy" rating and a $140.00 price objective for the company.

Spruce Biosciences Stock Up 2.4%

Shares of NASDAQ SPRB traded up $0.99 during trading on Thursday, reaching $42.44. 13,010 shares of the stock were exchanged, compared to its average volume of 58,703. The company has a market capitalization of $116.71 million, a price-to-earnings ratio of -1.16 and a beta of 3.16. The business's 50-day moving average price is $49.41 and its 200 day moving average price is $59.54. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a twelve month low of $7.00 and a twelve month high of $240.00.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($8.94) earnings per share for the quarter, missing analysts' consensus estimates of ($7.93) by ($1.01). As a group, equities analysts forecast that Spruce Biosciences will post -21.62 EPS for the current fiscal year.

Institutional Trading of Spruce Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Cable Car Capital LP bought a new stake in shares of Spruce Biosciences in the third quarter worth $239,000. Geode Capital Management LLC bought a new position in Spruce Biosciences during the 4th quarter valued at $1,109,000. State Street Corp acquired a new position in Spruce Biosciences during the 4th quarter worth $558,000. Alyeska Investment Group L.P. acquired a new position in Spruce Biosciences during the 4th quarter worth $4,501,000. Finally, Quinn Opportunity Partners LLC bought a new stake in shares of Spruce Biosciences in the 4th quarter worth about $1,987,000. Institutional investors and hedge funds own 91.71% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.