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

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been assigned a consensus rating of “Hold” from the eight research firms that are presently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $5.00.

Several analysts recently issued reports on SPRB shares. Oppenheimer reduced their price target on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a report on Thursday, June 13th. JMP Securities reduced their price target on shares of Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating on the stock in a research report on Thursday, March 14th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Wednesday, June 5th. Guggenheim lowered shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, Royal Bank of Canada cut Spruce Biosciences from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $9.00 to $2.00 in a research note on Thursday, March 14th.

Spruce Biosciences Stock Up 7.1 %

Shares of Spruce Biosciences stock opened at $0.57 on Thursday. The firm’s 50 day moving average price is $0.69 and its 200-day moving average price is $2.02. The company has a market cap of $23.25 million, a P/E ratio of -0.50 and a beta of 2.42. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.02. Spruce Biosciences has a 52-week low of $0.50 and a 52-week high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.04. The company had revenue of $2.00 million during the quarter, compared to the consensus estimate of $1.12 million. Spruce Biosciences had a negative return on equity of 57.53% and a negative net margin of 461.67%. On average, sell-side analysts predict that Spruce Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. AWM Investment Company Inc. bought a new position in Spruce Biosciences in the 1st quarter worth $157,000. Acadian Asset Management LLC purchased a new position in Spruce Biosciences in the 1st quarter valued at approximately $289,000. Superstring Capital Management LP acquired a new stake in Spruce Biosciences during the fourth quarter worth approximately $348,000. Worth Venture Partners LLC grew its stake in shares of Spruce Biosciences by 8.8% in the 3rd quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock valued at $683,000 after purchasing an additional 24,450 shares during the last quarter. Finally, AIGH Capital Management LLC increased its holdings in Spruce Biosciences by 75.4% in the fourth quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock valued at $6,223,000 after buying an additional 912,863 shares in the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Company Profile

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.