Spruce Biosciences (NASDAQ:SPRB) Given New $144.00 Price Target at Citizens Jmp

Key Points

• Citizens JMP lowered Spruce Biosciences’ price target to $144 from $150 while maintaining a “market outperform” rating, implying nearly 199% upside from the previous close.
• Analyst sentiment remains broadly positive, with 10 Buy ratings, one Hold and one Sell; the consensus rating is “Moderate Buy” with an average target of $161.88.
• Shares rose 2.5% to $48.23, but the company reported a wider-than-expected quarterly loss of $6.68 per share versus the $5.79 consensus estimate.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) had its price target reduced by research analysts at Citizens Jmp from $150.00 to $144.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. Citizens Jmp's target price would indicate a potential upside of 198.59% from the company's previous close.

Several other research analysts have also commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Spruce Biosciences in a report on Friday, June 5th. JonesTrading started coverage on shares of Spruce Biosciences in a research report on Tuesday, June 9th. They issued a "buy" rating and a $135.00 price objective for the company. HC Wainwright cut 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 note on Monday, June 1st. Craig Hallum began 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. Finally, B. Riley Financial assumed coverage on shares of Spruce Biosciences in a research report on Monday, July 13th. They set a "buy" rating and a $160.00 price target for the company. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Spruce Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $161.88.

Spruce Biosciences Trading Up 2.5%

NASDAQ:SPRB traded up $1.16 on Thursday, hitting $48.23. 4,094 shares of the stock were exchanged, compared to its average volume of 57,349. The stock has a market cap of $132.62 million, a PE ratio of -1.32 and a beta of 3.23. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average of $48.40 and a 200-day moving average of $57.28. Spruce Biosciences has a fifty-two week low of $7.00 and a fifty-two week high of $240.00.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) last released its quarterly earnings data 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). As a group, equities analysts expect that Spruce Biosciences will post -21.62 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

Hedge funds have recently made changes to their positions in the company. Cable Car Capital LP acquired a new stake in Spruce Biosciences during the 3rd quarter valued at approximately $239,000. SkyView Investment Advisors LLC acquired a new position in shares of Spruce Biosciences in the 4th quarter valued at approximately $261,000. Bank of New York Mellon Corp acquired a new position in shares of Spruce Biosciences in the 2nd quarter valued at approximately $366,000. Stempoint Capital LP purchased a new position in shares of Spruce Biosciences during the 1st quarter valued at approximately $416,000. Finally, State Street Corp purchased a new position in shares of Spruce Biosciences during the 4th quarter valued at approximately $558,000. Hedge funds and other institutional investors own 91.71% of the company's stock.

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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