Ram Selvaraju, an analyst from H.C. Wainwright, reiterated the Buy rating on Spruce Biosciences. The associated price target was lowered to $200.00.
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Ram Selvaraju has given his Buy rating due to a combination of factors tied to regulatory progress and financial visibility. He views the recent FDA Type B meetings as a key de-risking event, since the agency indicated that existing interventional and natural history data may be sufficient to support an accelerated approval path using CSF HS-NRE as a reasonably likely surrogate endpoint, provided Spruce incorporates the FDA’s recommendations and conducts a confirmatory study during review.
Selvaraju also points to the clarified chemistry, manufacturing, and controls expectations—especially the defined PPQ batch requirements—as evidence that the FDA is constructively engaged and aligned on a path to BLA submission. Although the projected BLA filing has shifted to 4Q26 and led him to trim his 12‑month price target to $200 from $220, he believes Spruce’s cash runway, supplemented by a committed $35M venture debt facility, should support the company through BLA submission and likely approval, justifying his continued Buy stance on SPRB.
Selvaraju covers the Healthcare sector, focusing on stocks such as Vanda, Idorsia Ltd, and Coya Therapeutics, Inc.. According to TipRanks, Selvaraju has an average return of 24.4% and a 57.03% success rate on recommended stocks.