Guggenheim optimistic ahead of readouts, starts Spruce Biosciences at Buy

As previously reported, Guggenheim initiated coverage of Spruce Biosciences with a Buy rating and $10 price target. Spruce is developing lead asset tildacerfont for congenital adrenal hyperplasia, or CAH, an “underappreciated endocrine disorder” for which the firm sees a $1.5B market, the analyst tells investors. A “strong mechanistic rationale, clever clinical trial design, and strong internal and external data” drive the firm’s optimism ahead of Spruce’s 2024 readouts in its potentially registrational Phase 2b studies in adults as well as Phase 2 pediatric study, the analyst added.