Spruce Biosciences (NASDAQ:SPRB – Get Free Report) released its earnings results on Wednesday. The company reported ($8.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01), Zacks reports.
Spruce Biosciences Stock Up 1.6%
SPRB stock traded up $0.88 on Wednesday, reaching $57.55. 49,318 shares of the company’s stock were exchanged, compared to its average volume of 53,182. The stock has a fifty day moving average of $61.12 and a 200-day moving average of $78.38. Spruce Biosciences has a twelve month low of $4.35 and a twelve month high of $240.00. The firm has a market cap of $78.84 million, a PE ratio of -1.11 and a beta of 3.26.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on SPRB shares. Craig Hallum initiated coverage on Spruce Biosciences in a report on Monday, April 27th. They set a “buy” rating and a $140.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $200.00 price objective on shares of Spruce Biosciences in a research note on Tuesday, March 10th. Finally, Citizens Jmp cut their price objective on shares of Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating for the company in a research report on Tuesday, March 10th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Spruce Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $190.60.
Institutional Investors Weigh In On Spruce Biosciences
Institutional investors have recently made changes to their positions in the stock. ADAR1 Capital Management LLC purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at about $5,052,000. Alyeska Investment Group L.P. purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at about $4,501,000. Boothbay Fund Management LLC acquired a new stake in shares of Spruce Biosciences in the fourth quarter valued at about $4,175,000. Balyasny Asset Management L.P. purchased a new stake in Spruce Biosciences during the fourth quarter worth about $3,484,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Spruce Biosciences during the fourth quarter worth about $2,201,000. 91.71% of the stock is currently 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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