Spruce Biosciences Inc. [NASDAQ: SPRB] stock went on an upward path that rose over 1.63% on Thursday, amounting to a one-week price increase of more than 16.82%. The company report on January 5, 2023 that Spruce Biosciences and Kaken Pharmaceutical Announce Strategic Partnership and Exclusive Licensing Agreement to Develop and Commercialize Tildacerfont for CAH in Japan.
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Partnership aims to accelerate global development and commercialization plans for tildacerfont to address worldwide unmet medical need in congenital adrenal hyperplasia (CAH).
Deal advances strategy to partner tildacerfont commercial rights outside the United States.
Over the last 12 months, SPRB stock dropped by -70.38%. The one-year Spruce Biosciences Inc. stock forecast points to a potential upside of 84.92. The average equity rating for SPRB stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $29.62 million, with 23.56 million shares outstanding and 23.52 million shares in the current float. Compared to the average trading volume of 61.71K shares, SPRB stock reached a trading volume of 1481232 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Spruce Biosciences Inc. [SPRB]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SPRB shares is $8.29 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SPRB stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Oppenheimer have made an estimate for Spruce Biosciences Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on December 17, 2021. While these analysts kept the previous recommendation, The Benchmark Company raised their target price to Speculative Buy. The new note on the price target was released on December 10, 2021, representing the official price target for Spruce Biosciences Inc. stock.
The Average True Range (ATR) for Spruce Biosciences Inc. is set at 0.09 The Price to Book ratio for the last quarter was 0.38, with the Price to Cash per share for the same quarter was set at 3.81.
SPRB Stock Performance Analysis:
Spruce Biosciences Inc. [SPRB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.82. With this latest performance, SPRB shares gained by 6.84% in over the last four-week period, additionally sinking by -31.32% over the last 6 months – not to mention a drop of -70.38% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SPRB stock in for the last two-week period is set at 65.15, with the RSI for the last a single of trading hit 74.49, and the three-weeks RSI is set at 58.73 for Spruce Biosciences Inc. [SPRB]. The present Moving Average for the last 50 days of trading for this stock 1.0893, while it was recorded at 1.1658 for the last single week of trading, and 1.5779 for the last 200 days.
Insight into Spruce Biosciences Inc. Fundamentals:
Spruce Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.80 and a Current Ratio set at 7.80.
Spruce Biosciences Inc. [SPRB] Insider Position Details
There are presently around $23 million, or 85.20% of SPRB stock, in the hands of institutional investors. The top three institutional holders of SPRB stocks are: NOVO HOLDINGS A/S with ownership of 4,514,336, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; OMEGA FUND MANAGEMENT, LLC, holding 2,161,022 shares of the stock with an approximate value of $2.7 million in SPRB stocks shares; and RIVERVEST VENTURE MANAGEMENT LLC, currently with $2.69 million in SPRB stock with ownership of nearly 0% of the company’s market capitalization.
Positions in Spruce Biosciences Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 11 institutional holders increased their position in Spruce Biosciences Inc. [NASDAQ:SPRB] by around 1,847,203 shares. Additionally, 15 investors decreased positions by around 212,261 shares, while 16 investors held positions by with 16,007,163 shares. The mentioned changes placed institutional holdings at 18,066,627 shares, according to the latest SEC report filing. SPRB stock had 4 new institutional investments in for a total of 1,826,573 shares, while 5 institutional investors sold positions of 16,995 shares during the same period.