Spruce Biosciences (NASDAQ:SPRB) Downgraded to Strong Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Spruce Biosciences to “strong sell” from “sell,” despite broader analyst sentiment remaining “Moderate Buy,” with 10 Buy, one Hold, and one Sell rating and an average price target of $161.88.
• Shares opened at $52.64 after rising 5.8%, but the company reported a quarterly loss of $6.68 per share, missing the consensus estimate of a $5.79 loss. Analysts expect a full-year loss of approximately $21.62 per share.
• Institutional investors own 91.71% of the stock, while Spruce continues developing tildacerfont, its lead drug candidate for congenital adrenal hyperplasia and other rare endocrine disorders.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Saturday.

SPRB has been the topic of several other reports. JonesTrading began coverage on shares of Spruce Biosciences in a research note on Tuesday, June 9th. They set a "buy" rating and a $135.00 price target on the stock. Guggenheim initiated coverage on shares of Spruce Biosciences in a research note on Tuesday, June 16th. They issued a "buy" rating and a $123.00 price objective for the company. Craig Hallum initiated coverage on shares of Spruce Biosciences in a report on Monday, April 27th. They set a "buy" rating and a $140.00 target price on the stock. HC Wainwright decreased their target price on shares of Spruce Biosciences from $200.00 to $150.00 and set a "buy" rating on the stock in a research report on Monday, June 1st. Finally, Oppenheimer reissued an "outperform" rating on shares of Spruce Biosciences in a research note on Wednesday, May 27th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $161.88.

Spruce Biosciences Trading Up 5.8%

NASDAQ SPRB opened at $52.64 on Friday. The stock's 50-day simple moving average is $48.37 and its two-hundred day simple moving average is $57.03. Spruce Biosciences has a twelve month low of $7.00 and a twelve month high of $240.00. The company has a quick ratio of 4.67, a current ratio of 9.23 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $151.08 million, a price-to-earnings ratio of -1.32 and a beta of 3.23.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last announced its quarterly earnings data 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). Research analysts forecast that Spruce Biosciences will post -21.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

Spruce Biosciences Company Profile

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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