Spruce Biosciences (NASDAQ:SPRB) Given “Outperform” Rating at Credit Suisse Group

Spruce Biosciences (NASDAQ:SPRB – Get Rating)‘s stock had its “outperform” rating restated by Credit Suisse Group in a report released on Friday, Benzinga reports. They presently have a $4.00 target price on the stock. Credit Suisse Group’s price target points to a potential upside of 72.41% from the company’s current price.

SPRB has been the topic of a number of other research reports. Oppenheimer lowered their target price on Spruce Biosciences from $13.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, November 17th. Royal Bank of Canada lowered their price objective on Spruce Biosciences from $9.00 to $8.00 and set an “outperform” rating on the stock in a research report on Monday, February 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $9.60.

Spruce Biosciences Stock Performance

Shares of SPRB stock opened at $2.32 on Friday. Spruce Biosciences has a 52 week low of $0.95 and a 52 week high of $3.57. The company has a market capitalization of $54.66 million, a price-to-earnings ratio of -1.23 and a beta of 2.32. The company has a 50-day simple moving average of $2.61 and a 200 day simple moving average of $1.74. The company has a debt-to-equity ratio of 0.05, a quick ratio of 7.76 and a current ratio of 7.76.

Institutional Investors Weigh In On Spruce Biosciences

A number of large investors have recently added to or reduced their stakes in SPRB. Abingworth LLP bought a new stake in shares of Spruce Biosciences during the 3rd quarter valued at $2,474,000. BML Capital Management LLC bought a new stake in Spruce Biosciences during the fourth quarter worth about $243,000. Millennium Management LLC acquired a new stake in Spruce Biosciences during the second quarter worth about $331,000. BlackRock Inc. increased its holdings in Spruce Biosciences by 26.0% in the 1st quarter. BlackRock Inc. now owns 529,554 shares of the company’s stock valued at $1,064,000 after buying an additional 109,226 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Spruce Biosciences by 317.7% in the 1st quarter. Bank of New York Mellon Corp now owns 116,501 shares of the company’s stock valued at $234,000 after buying an additional 88,608 shares in the last quarter. Institutional investors and hedge funds own 84.21% of the company’s stock.

Spruce Biosciences Company Profile

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Spruce Biosciences, Inc, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease control and reduce steroid burden for adult patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction and clinical consequences in adult patients with classic CAH that is Phase 2b clinical trial.