Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Consensus Recommendation of “Hold” from Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus recommendation of “Hold” from the nine analysts that are currently covering the company, Marketbeat Ratings reports. Nine analysts have rated the stock with a hold rating. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $3.90.

SPRB has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $1.50 price objective (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday, December 11th. JMP Securities reissued a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Guggenheim restated a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, December 16th.

Spruce Biosciences Price Performance

Shares of SPRB stock opened at $0.40 on Thursday. The stock’s fifty day simple moving average is $0.50 and its 200 day simple moving average is $0.50. Spruce Biosciences has a one year low of $0.37 and a one year high of $5.95. The firm has a market cap of $16.34 million, a price-to-earnings ratio of -0.42 and a beta of 2.34. 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 issued its earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.06. The company had revenue of $0.60 million for the quarter, compared to the consensus estimate of $1.80 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. On average, analysts expect that Spruce Biosciences will post -1.03 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPRB. Renaissance Technologies LLC boosted its stake in shares of Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after purchasing an additional 95,100 shares during the last quarter. Almitas Capital LLC bought a new position in Spruce Biosciences in the second quarter valued at approximately $205,000. Finally, Acadian Asset Management LLC grew its holdings in Spruce Biosciences by 270.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after acquiring an additional 999,166 shares during the period. 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.