Spruce Biosciences' Hormone Treatment Stumbles In Trials, Prompts Stock Freefall
Portfolio Pulse from Vandana Singh
Spruce Biosciences Inc (NASDAQ:SPRB) experienced a significant stock price drop after disappointing results from its CAHmelia-203 and CAHptain-205 studies of tildacerfont for congenital adrenal hyperplasia. The CAHmelia-203 study failed to meet its primary efficacy endpoint, and preliminary analysis from CAHptain-205 suggests rapid clearance in children. Analysts from HC Wainwright, RBC Capital Markets, and JMP Securities have downgraded their ratings and price targets for SPRB, citing concerns over the drug's efficacy, compliance, and dosage issues.
March 14, 2024 | 8:15 pm
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Spruce Biosciences Inc's stock plummeted due to disappointing trial results for tildacerfont, leading to analyst downgrades and lowered price targets.
The significant drop in SPRB's stock price is directly linked to the negative outcomes of its key drug trials, which failed to meet primary efficacy endpoints. This has led to a loss of confidence among investors, reflected in analyst downgrades and reduced price targets. The future development and regulatory submission timeline for tildacerfont now faces uncertainty, impacting investor sentiment and the stock's short-term prospects.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100