Spruce Biosciences upgraded to Outperform from Market Perform at Leerink

Leerink upgraded Spruce Biosciences to Outperform from Market Perform with a price target of $9, up from $3. The company’s tildacerfont is a second-generation, once-daily CRF1 receptor antagonist with a differentiated trial design to treat congenital adrenal hyperplasia that could be welcomed by the market if approved, the analyst tells investors in a research note. The firm’s base case has the stock rising 20% on the CAHmelia-203 data in the second half of 2023. The shares can go up 30% to +40% if the mean A4 reduction is greater than negative 65% in more than 50% of patients, says the firm.