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

by · The Markets Daily

Wall Street Zen lowered shares of Spruce Biosciences (NASDAQ:SPRB – Free Report) from a sell rating to a strong sell rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group raised Spruce Biosciences to an “overweight” rating in a report on Thursday. Citizens Jmp reduced their price target on Spruce Biosciences from $150.00 to $144.00 and set a “market outperform” rating for the company in a research report on Thursday. Guggenheim began coverage on Spruce Biosciences in a report on Tuesday, June 16th. They issued a “buy” rating and a $123.00 price target for the company. HC Wainwright decreased their price target on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a report on Monday, June 1st. Finally, Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Spruce Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $161.88.

Read Our Latest Stock Report on SPRB

Spruce Biosciences Stock Up 5.8%

SPRB stock opened at $52.64 on Friday. The company has a market capitalization of $151.08 million, a P/E ratio of -1.32 and a beta of 3.23. Spruce Biosciences has a 12 month low of $7.00 and a 12 month high of $240.00. The firm’s fifty day simple moving average is $48.37 and its 200-day simple moving average is $57.03. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.23 and a quick ratio of 4.67.

Spruce Biosciences (NASDAQ:SPRB – Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.79) by ($0.89). As a group, equities research analysts forecast that Spruce Biosciences will post -25.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SPRB. Cable Car Capital LP acquired a new position in shares of Spruce Biosciences during the third quarter valued at approximately $239,000. SkyView Investment Advisors LLC purchased a new position in shares of Spruce Biosciences in the fourth quarter valued at approximately $261,000. Bank of New York Mellon Corp acquired a new stake in shares of Spruce Biosciences in the second quarter worth approximately $366,000. Stempoint Capital LP acquired a new stake in shares of Spruce Biosciences in the first quarter worth approximately $416,000. Finally, State Street Corp acquired a new position in Spruce Biosciences in the 4th quarter valued at $558,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

About Spruce Biosciences

(Get Free Report)

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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