Spruce Biosciences price target lowered to $3 from $4 at Oppenheimer

Oppenheimer lowered the firm’s price target on Spruce Biosciences to $3 from $4 and keeps an Outperform rating on the shares after the company reported Q1 financial and business updates. Investor focus is on CAHmelia-204, after CAHmelia-203 failed in March. Spruce remains confident in the CAHmelia-204 study, given the distinct population from CAHmelia-203 and higher reported compliance rates. In addition, the CAHptain-205 dose-ranging study was expanded into adults/pediatric CAH patients and will inform the dosing algorithm of tildacerfont. Oppenheimer believes promising early data in polycystic ovary syndrome should also attract potential partners; full data was presented at ENDO 2024.