Citizens lowered its price target on Spruce Biosciences (NASDAQ:SPRB) to $150 from $170, while maintaining a Market Outperform rating. The stock trades at $57.55.
Analyst targets range from $140 to $283, reflecting a Strong Buy consensus.
The update follows the company's Q1 2026 financial results, with Citizens rolling forward its discounted cash flow analysis.
Spruce Biosciences reported Q1 operating expenses of $12 million, in line with estimates. Consensus was $13 million.
The company ended the quarter with $119 million in pro forma cash, providing runway into H2 2027. Bond.az analysis shows the company holds more cash than debt. Analysts do not expect profitability this year.
The stock delivered a 1,137% return over the past year, but declined 45.9% in the last six months.
Citizens incorporated proceeds and dilution from recent financing. The discount rate was lowered to 12.5% from 20% to reflect the stronger balance sheet.
The new price target is $150, said analyst Jonathan Wolleben.
In other news, Spruce Biosciences priced its $60 million public offering at $50 per share, and offered pre-funded warrants for 50,000 shares at $49.99 each. Craig-Hallum initiated coverage with a Buy rating, highlighting TA-ERT's potential for accelerated approval in MPS IIIB, with global revenue opportunity exceeding $500 million.
Citizens reiterated a Market Outperform rating, with a 75% probability of TA-ERT approval next year. The company appointed Brian Walls as VP, Market Access, and Darren M. Johnson as VP, Commercial Operations.
