Spruce Biosciences initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Spruce Biosciences (SPRB) with an Outperform rating and $283 price target. Further to FDA’s confirmation that existing and what the firm views as “compelling” clinical biomarker data could drive accelerated approval, recent Breakthrough Therapy designation bolsters the firm’s conviction ahead of next year’s anticipated approval for Sanfilippo type B syndrome, the analyst tells investors. The firm, which sees “considerable upside for this underappreciated story,” adds that it believes BioMarin (BMRN) would be “a logical acquirer.”