Analysts at Lake Street Capital initiated coverage on shares of Spruce Biosciences (NASDAQ:SPRB – Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $149.00 price target on the stock. Lake Street Capital’s price objective would suggest a potential upside of 175.11% from the company’s previous close.
Several other research firms have also recently issued reports on SPRB. Citizens Jmp cut their price objective on Spruce Biosciences from $150.00 to $144.00 and set a “market outperform” rating for the company in a research report on Thursday, August 13th. HC Wainwright restated a “buy” rating on shares of Spruce Biosciences in a research report on Wednesday, August 26th. Wall Street Zen downgraded shares of Spruce Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. B. Riley Financial assumed coverage on shares of Spruce Biosciences in a research note on Monday, July 13th. They issued a “buy” rating and a $160.00 price objective for the company. Finally, The Goldman Sachs Group raised shares of Spruce Biosciences to an “overweight” rating in a report on Thursday, August 13th. Eleven research 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 MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.33.
View Our Latest Report on SPRB
Spruce Biosciences Trading Down 1.8%
Spruce Biosciences (NASDAQ:SPRB – Get Free Report) last released 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 anticipate that Spruce Biosciences will post -25.53 earnings per share for the current year.
Institutional Investors Weigh In On Spruce Biosciences
Hedge funds have recently modified their holdings of the company. AWM Investment Company Inc. acquired a new position in Spruce Biosciences in the 2nd quarter valued at $7,937,000. SkyView Investment Advisors LLC purchased a new stake in shares of Spruce Biosciences in the second quarter valued at $162,000. Pale Fire Capital SE purchased a new stake in shares of Spruce Biosciences in the second quarter valued at $206,000. Bank of New York Mellon Corp acquired a new position in Spruce Biosciences in the second quarter valued at $366,000. Finally, Stempoint Capital LP purchased a new position in Spruce Biosciences during the first quarter worth about $416,000. 91.71% of the stock is owned by institutional investors and hedge funds.
About Spruce Biosciences
Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for endocrine disorders. The company’s research has centered on therapies intended to address conditions involving hormone dysregulation and adrenal function.
Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 (CRF1) receptor antagonist. The therapy is designed to reduce excessive adrenocorticotropic hormone (ACTH) signaling and adrenal androgen production, with development focused primarily on congenital adrenal hyperplasia (CAH), a rare inherited disorder affecting cortisol production.
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