JMP Says Forgotten Spruce Biosciences Could Draw Attention In 2023

Vandana Singh
1 min read
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In this article:

  • JMP Securities initiated coverage on Spruce Biosciences, Inc. (NASDAQ: SPRB) with a Market Outperform and a price target of $8.

  • The company's lead asset tildacerfont – a CRF1 receptor antagonist – could be a paradigm-changing therapeutic for the 20-30K adrenal hyperplasia (CAH) patients in the U.S.

  • CAH is a rare autosomal recessive disease, resulting in reduced cortisol production.

  • Tildacerfont has completed two Phase 2a trials showing proof of concept via reductions in disease biomarkers and a clean safety profile.

  • The company has designed its late-stage trials - CAHmelia-203 and -204 to focus on distinct patient populations, potentially improving the probability of success.

  • Recently, the company announced that CAHmelia-203 is approaching 50% enrollment, and CAHmelia-204 surpassed 25%.

  • Data from ‘203 are coming in 2H 2023, possibly derisking for ‘204 data slated for 2H 2024.

  • SPRB has also started a Phase 2 trial for pediatric CAH, reinforcing analysts' confidence in tildacerfont's safety profile, with initial data in 1H 2023.

  • Cash, cash equivalents, and short-term investments of $90.4 million at the end of Q3.

  • Price Action: SPRB shares are up 15.24% at $1.21 on the last check Wednesday.

Latest Ratings for SPRB

Date

Firm

Action

From

To

Mar 2022

Ladenburg Thalmann

Initiates Coverage On

Buy

Dec 2021

Oppenheimer

Initiates Coverage On

Outperform

Dec 2021

Benchmark

Initiates Coverage On

Speculative Buy

View More Analyst Ratings for SPRB

View the Latest Analyst Ratings

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