Spruce Biosciences jumps on licensing agreement with Japan's Kaken Pharma

KAKEN PHARMACEUTICAL

06/01/2023 18:22

** Shares of Spruce Biosciences Inc  SPRB.O  jump ~85% to
$2.31, top gainer across U.S. exchanges
    ** Stock set for biggest one day pct gain in over a year, if
gains hold 
    ** Company signs licensing deal with Japan's Kaken
Pharmaceutical Co Ltd  4521.T  for its drug candidate,
tildacerfont, to treat congenital adrenal hyperplasia (CAH)
   ** CAH is a group of genetic disorders that affect the
adrenal glands
    ** The deal signifies that another company "has kicked the
tires" on the drug for CAH and found that the drug has real
value - Hartaj Singh, analyst at Oppenheimer & Co
    ** 6 of 8 brokerages rate the stock "buy" or higher, 2
"hold"; median PT $8 - Refinitiv
    ** Company's shares fell ~75% in 2022
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com))