By Sam Boughedda
Investing.com — Spruce Biosciences Inc (NASDAQ:SPRB) shares rose 21% Friday after bullish commentary from Oppenheimer.
Oppenheimer analyst Hartaj Singh initiated coverage of Spruce with an outperform rating and $15 price target, saying the company is a quality biotech name.
Spruce Biosciences is a U.S.-based late-stage biopharmaceutical company focused on developing and commercializing therapies for rare endocrine disorders. The company’s lead product candidate, Tildacerfont, is a potential treatment for congenital adrenal hyperplasia, a rare endocrine disease.
Singh told investors in a research note that the recent clinical slowdown “is not reflective of the quality of this biotech name.”
“Tildacerfont is in late-stage development for congenital adrenal hyperplasia and a Phase 2 proof of concept trial in a sub-population of Polycystic Ovary Syndrome should be started in the next few months,” the analyst said.
Spruce shares have been on a constant decline for most of the year, down 88% in 2021. A week ago, Benchmark initiated the stock with a speculative buy rating and $7 price target.
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