Spruce Biosciences (NASDAQ:SPRB) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a report issued on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $1.50 price target on the stock, down from their prior price target of $2.00.

Several other analysts also recently issued reports on SPRB. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. JMP Securities reiterated a “market perform” rating and set a $3.00 target price on shares of Spruce Biosciences in a report on Wednesday. Finally, Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Stock Performance

SPRB opened at $0.38 on Wednesday. The stock’s 50 day simple moving average is $0.51 and its 200 day simple moving average is $0.52. The stock has a market cap of $15.83 million, a P/E ratio of -0.41 and a beta of 2.34. Spruce Biosciences has a 1-year low of $0.37 and a 1-year high of $5.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The business had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $1.80 million. As a group, equities analysts anticipate that Spruce Biosciences will post -1.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its holdings in shares of Spruce Biosciences by 35.1% during the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after purchasing an additional 95,100 shares during the last quarter. Almitas Capital LLC acquired a new stake in Spruce Biosciences in the 2nd quarter worth about $205,000. Finally, Acadian Asset Management LLC boosted its stake in Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after buying an additional 999,166 shares during the last quarter. 91.71% of the stock is currently owned by institutional investors and hedge funds.

About Spruce Biosciences

Spruce Biosciences, Inc, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease control and reduce steroid burden for patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction in adult patients with classic CAH that is Phase 2b clinical trial.