Guggenheim Reiterates Buy Rating on Spruce Biosciences
Guggenheim maintains its Buy rating on Spruce Biosciences with a $123 price target, a 134.91% upside from the current price.
Key Points
- Guggenheim reiterated its Buy rating on Spruce Biosciences, Inc. (SPRB) with a price target of $123.0 on June 16, 2026.
- Guggenheim's $123 price target implies 134.91% upside from Spruce Biosciences, Inc.'s ($SPRB) current $52.36 share price.
- Spruce Biosciences trades at $49.91 with a market cap of about $129.6 million and a forward P/E of 9.52.
- Recent insider buying includes 1,700 shares each by several insiders on May 21, 2026, indicating confidence in the company.
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Guggenheim reiterated its Buy rating on Spruce Biosciences, Inc. (NASDAQCM:SPRB) on June 16, 2026, with a price target of $123.0. This shows continued confidence in the company as it navigates its development in the biotechnology sector.
Other Institutional Activity in Spruce Biosciences
Several institutional investors have made moves in Spruce Biosciences recently. Millennium Management LLC increased its position significantly, adding 111,888 shares to reach a total of 111,888 shares valued at approximately $7.31 million. Meanwhile, Wellington Management Group LLP reduced its stake by 10,153 shares, bringing its total to 48,796 shares worth about $3.19 million. ADAR1 Capital Management, LLC made a modest addition of 600 shares, ending with 58,600 shares valued at $3.83 million.
Spruce Biosciences, Inc. Stock Down 13.9%
Shares of Spruce Biosciences are trading at around $49.91. The company has a market cap of approximately $129.6 million and a forward P/E ratio of 9.52, indicating potential growth expectations. The stock's 52-week range is between $7.00 and $838.13, with a 50-day moving average of $55.71 and a 200-day moving average of $71.25. The company maintains a strong liquidity position with a current ratio of 4.67 and a quick ratio of 4.59.
Insider Buying and Selling at Spruce Biosciences, Inc.
Recent insider activity at Spruce Biosciences shows several executives buying shares. On May 21, 2026, Executive Chairman Michael Grey, along with Keli Walbert, Daniel Spiegelman, Percival Barretto-Ko, and Camilla Simpson, each bought 1,700 shares. Additionally, Chief Commercial Officer Corwin Dale Hooks purchased 11,000 shares on March 9, 2026. These transactions were not part of a pre-planned trading plan, suggesting confidence in the company's prospects.
Analysts Set New Price Targets
On June 16, 2026, Guggenheim reiterated its Buy rating with a $123 price target. Earlier, Jones Trading initiated coverage with a Buy rating and a $135 target on June 9, 2026. HC Wainwright & Co. maintained its Buy rating with a $150 target on June 1, 2026. The consensus from seven analysts is a strong buy, with a mean target price of $149.71.
About Spruce Biosciences
Spruce Biosciences, Inc. is a biotechnology company based in South San Francisco, California. It focuses on developing therapies for neurological disorders. The company is working on several projects, including TA-ERT for Sanfilippo Syndrome Type B and Tildacerfont for a mental disorder. Spruce Biosciences also has partnerships with Eli Lilly and Kaken Pharmaceutical to further its research and commercialization efforts.
Bottom Line
Guggenheim's reiterated Buy rating and $123 price target reflect confidence in Spruce Biosciences' potential. As the company continues to advance its pipeline in the biotechnology space, investors are keeping a close watch on its progress. With a strong liquidity position and active insider buying, Spruce Biosciences remains a company of interest in the healthcare sector.
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