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By Sam Boughedda
Investing.com — Spruce Biosciences Inc (NASDAQ:) shares rose 21% Friday after bullish commentary from Oppenheimer.
Oppenheimer analyst Hartaj Singh initiated protection of Spruce with an outperform score and $15 value goal, saying the corporate is a high quality biotech title.
Spruce Biosciences is a U.S.-based late-stage biopharmaceutical firm centered on growing and commercializing therapies for uncommon endocrine issues. The corporate’s lead product candidate, Tildacerfont, is a possible remedy for congenital adrenal hyperplasia, a uncommon endocrine illness.
Singh advised traders in a analysis observe that the latest scientific slowdown “isn’t reflective of the standard of this biotech title.”
“Tildacerfont is in late-stage improvement for congenital adrenal hyperplasia and a Part 2 proof of idea trial in a sub-population of Polycystic Ovary Syndrome ought to be began within the subsequent few months,” the analyst mentioned.
Spruce shares have been on a relentless decline for many of the 12 months, down 88% in 2021. Every week in the past, Benchmark initiated the inventory with a speculative purchase score and $7 value goal.
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