RBC Capital Downgrades Spruce Biosciences to Sector Perform, Lowers Price Target to $2
Portfolio Pulse from Benzinga Newsdesk
RBC Capital analyst Gregory Renza downgraded Spruce Biosciences (NASDAQ:SPRB) from Outperform to Sector Perform and reduced the price target from $9 to $2.

March 14, 2024 | 3:08 pm
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Spruce Biosciences was downgraded by RBC Capital from Outperform to Sector Perform, with a significant reduction in the price target from $9 to $2.
The downgrade from Outperform to Sector Perform by a major analyst firm, along with a drastic reduction in the price target, is likely to negatively impact investor sentiment and the stock price of Spruce Biosciences in the short term. Such a significant adjustment suggests a reassessment of the company's future growth prospects or operational performance, which can lead to decreased investor confidence and selling pressure.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100