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On Wednesday, Citizens JMP reiterated a Market Perform rating on Spruce Biosciences, Inc. (NASDAQ:SPRB), maintaining its stance on the company’s stock, which currently trades at $0.13. According to InvestingPro data, the stock has declined over 69% year-to-date, with a market capitalization of just $5.47 million. The analysis suggests the stock may be undervalued at current levels. Analysts at the firm focused on the biotechnology company’s recent announcement of its new pipeline candidates, including tralesinidase alfa enzyme replacement therapy (TA-ERT), which is anticipated to be submitted for a Biologics License Application (BLA) in the first half of 2026. The submission will seek accelerated approval for the treatment of Sanfilippo syndrome Type B (MPS IIIB).
In addition to TA-ERT, Spruce Biosciences has expanded its pipeline through the acquisition of two preclinical candidates. The first, SPR202, is a corticotropin-releasing hormone (CRH (NYSE:CRH)) antagonist monoclonal antibody (mAb) aimed at treating congenital adrenal hyperplasia. The second candidate, SPR204, is a glucagon-like peptide-1 (GLP-1) receptor antagonist mAb developed for the management of post-bariatric hyperglycemia. Both candidates are currently undergoing Investigational New Drug (IND)-enabling studies. InvestingPro analysis shows the company maintains a healthy current ratio of 2.9, indicating strong short-term liquidity to support its development programs.
The company is also progressing with its existing drug candidate, tildacerfont, which is in a Phase 2 proof-of-concept trial for major depressive disorder (MDD). Results from this trial are expected to be reported in the first half of 2026, providing further insights into the drug’s efficacy and safety profile.
Citizens JMP’s analysis comes as Spruce Biosciences continues to advance its portfolio of therapies targeting rare endocrine disorders and other diseases. With multiple candidates in various stages of development, the company is working towards addressing unmet medical needs and providing new treatment options for patients. InvestingPro subscribers can access detailed financial health metrics and 13 additional ProTips about SPRB, with the next earnings report expected on May 7, 2025. Get access to the comprehensive Pro Research Report covering this and 1,400+ other US stocks for deeper insights into the company’s potential.
In other recent news, Spruce Biosciences has announced plans to submit a Biologics License Application (BLA) for tralesinidase alfa (TA-ERT), a therapy targeting Sanfilippo Syndrome Type B (MPS IIIB), in the first half of 2026. This follows the acquisition of the enzyme replacement therapy, which has shown promising clinical results. The company has received fast-track, rare pediatric disease, and orphan drug designations for TA-ERT in both the U.S. and EU. Additionally, Spruce Biosciences has reported a delay in filing its Annual Report for the fiscal year ended December 31, 2024, with a Notification of Late Filing submitted to the SEC. Preliminary financial estimates have been provided, although they are provisional until the complete report is filed. The company has not specified reasons for the delay but assures that audited financial statements will be available upon filing. Spruce Biosciences also reported cash and cash equivalents of $38.8 million as of the end of 2024, with a cash runway expected through the end of 2025.
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