BUZZ-Spruce Biosciences falls after equity offering launch

Spruce Biosciences, Inc.

Spruce Biosciences, Inc.

SPRB

0.00

** Spruce Biosciences' SPRB.O shares down 9.9% to $63 post-market after equity raise news

** Biopharma focused on neurological disorders commences offering of stock and pre-funded warrants without disclosing deal size

** Leerink, Guggenheim and Oppenheimer joint bookrunners

** Co intends to use net offering proceeds to advance pre-commercial and launch activities, for planned clinical trials, among other uses, per the prospectus

** South San Francisco, California-based SPRB has ~1.4 mln shares outstanding for ~$98 mln market cap

** SPRB shares finished down 0.6% at $69.90 on Mon, off ~20% YTD

** 2 analysts rate the stock "strong buy", the other 2 rate "buy"; median PT $185, per LSEG data


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