UPDATE: H.C. Wainwright Starts Spruce Biosciences, Inc. (SPRB) at Buy

H.C. Wainwright analyst Raghuram Selvaraju initiates coverage on Spruce Biosciences, Inc. (NASDAQ: SPRB) with a Buy rating and a price target of $30.00.

The analyst comments "We are initiating coverage of Spruce Biosciences, an emerging biopharmaceutical company focused on the development of tildacerfont for treatment of various hormonal imbalance-driven endocrinological conditions. Tildacerfont is a novel, orally bioavailable small molecule antagonist of the corticotropin-releasing factor type-1 (CRF1) receptor, which controls corticotropin-releasing factor (CRF) signaling. CRF plays a pivotal role in the regulation of the so-called hypothalamic-pituitaryadrenal axis (HPA), the complex feedback interplay between the hypothalamus region and pituitary gland in the brain as well as the adrenal glands, which are situated atop the kidneys. The HPA axis controls an array of biological processes, including the physiological response to stress, digestion, metabolism, mood and emotions. Patients with congenital adrenal hyperplasia (CAH) exhibit deficiencies in one of the key enzymes required to synthesize the steroid hormone cortisol, which results in dysfunction of HPA axis signaling—notably, overactivation of the adrenal glands—and can alter development of primary or secondary sexual characteristics in some affected infants, children, or adults. CAH sufferers also exhibit hypoglycemia (low blood sugar), hyponatrenia (which can cause hypertension and water retention) and hyperkalemia (excess levels of potassium in the blood). CAH is considered one of the most common autosomal recessive disorders. We believe that tildacerfont may constitute a best-in-class treatment option for CAH and other hormonal disorders. Our rating is Buy with a 12-month price target of $30."

For an analyst ratings summary and ratings history on Spruce Biosciences, Inc. click here. For more ratings news on Spruce Biosciences, Inc. click here.

Shares of Spruce Biosciences, Inc. closed at $9.91 yesterday.

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