Equities researchers at JonesTrading initiated coverage on shares of Spruce Biosciences (NASDAQ:SPRB – Get Free Report) in a report issued on Tuesday,Benzinga reports. The firm set a “buy” rating and a $135.00 price target on the stock. JonesTrading’s target price would suggest a potential upside of 173.72% from the stock’s previous close.
SPRB has been the subject of several other reports. Craig Hallum initiated coverage on Spruce Biosciences in a research report on Monday, April 27th. They set a “buy” rating and a $140.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday. HC Wainwright dropped their price target on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Citizens Jmp dropped their price target on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Thursday, May 14th. Finally, Oppenheimer reiterated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Spruce Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $169.67.
Check Out Our Latest Report on Spruce Biosciences
Spruce Biosciences Stock Down 2.2%
Spruce Biosciences (NASDAQ:SPRB – Get Free Report) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($8.94) EPS for the quarter, missing the consensus estimate of ($7.93) by ($1.01). Equities research analysts forecast that Spruce Biosciences will post -22.24 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Spruce Biosciences
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Carlyle Group Inc. acquired a new position in Spruce Biosciences during the third quarter worth $24,765,000. Balyasny Asset Management L.P. acquired a new position in Spruce Biosciences during the fourth quarter worth $3,484,000. Boothbay Fund Management LLC acquired a new position in Spruce Biosciences during the fourth quarter worth $4,175,000. Caligan Partners LP acquired a new position in Spruce Biosciences during the fourth quarter worth $1,787,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Spruce Biosciences during the fourth quarter worth $2,157,000. Institutional investors and hedge funds 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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