Spruce Biosciences

SPRB · NASDAQ

$41.23+$0.83 (+2.05%)TodayMarket closed · Oct 20, 7:48 PM ET

Prev close $40.40

SPRB analyst rating

BuyConsensus of 9 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform0
Sell0

12-month price target · 11 analysts

Average $150.96 (+266.1% upside)

Low: $105.04
Now: $41.23
High: $241.50

Upgrades and downgrades

The latest rating actions, newest first

SPRB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Sep 24, 2026	Maintains	Market Outperform	$144.00	47%
Lake Street	Sep 17, 2026	Initiates	Buy	$149.00	14%
Guggenheim	Aug 17, 2026	Maintains	Buy	$123.00 → $104.00	45%
Citizens	Aug 13, 2026	Maintains	Market Outperform	$150.00 → $144.00	47%
B. Riley Securities	Jul 13, 2026	Initiates	Buy	$160.00	30%
Guggenheim	Jun 16, 2026	Initiates	Buy	$123.00	45%
Jones Trading	Jun 9, 2026	Initiates	Buy	$135.00	21%
HC Wainwright & Co.	Jun 1, 2026	Maintains	Buy	$200.00 → $150.00	43%
Citizens	May 14, 2026	Maintains	Market Outperform	$170.00 → $150.00	47%
Craig-Hallum	Apr 27, 2026	Initiates	Buy	$140.00	31%

The case for and against

Updated Oct 14, 2026

Bull case

Spruce Biosciences is viewed favorably because TA-ERT now has clearer regulatory momentum, with FDA commentary at the 9/23 conference supporting flexible accelerated-approval pathways and a constructive precedent from Fayuvi’s full approval in MPS IIIA. The company also appears operationally de-risked, having advanced its CMC work with the first PPQ batch completed, a second underway, and $96M in cash that provides runway into 2H27 while it prepares the TrAnsform study and EAP in 4Q26. Fundamentally, the opportunity is supported by a large unmet need in MPS IIIB, encouraging biomarker and natural-history data, and upside potential from broad utilization, with physician checks pointing to peak sales above $300M and a ~$130M market cap implying favorable risk/reward.

Bear case

Spruce Biosciences is burdened by a thin pipeline, with TA-ERT as the lead asset and SPR202 still in preclinical development, leaving the investment case highly dependent on one program. The regulatory path is uncertain because there are no approved MPS IIIB therapies, and approval may hinge on Phase 2 heparin sulfate normalization rather than established clinical endpoints, which the FDA may not accept. Financially, 2Q26 OpEx of $17M exceeded estimates, net loss was $16M or ($6.68)/share, and the company will likely need more capital, increasing dilution risk while commercialization remains unproven.

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