Spruce Biosciences price target raised to $160 from $10 at Leerink

Leerink raised the firm’s price target on Spruce Biosciences (SPRB) to $160 from $10 and keeps a Market Perform rating on the shares. Spruce is executing a “significant strategic pivot” by shifting its focus from congenital adrenal hyperplasia to mucopolysaccharidosis type IIIB following a “disappointing update” on its former lead asset, tildacerfont, the analyst noted. The acquisition of tralesinidase alfa enzyme replacement therapy, or TA-ERT, for the pediatric neurodegenerative disorder MPS IIIB “flew under the radar” until the company was granted FDA Breakthrough Therapy Designation for TA-ERT, which is “catapulting the stock higher and allowing the company to secure much needed financing,” the analyst added.