Brokerages Set Spruce Biosciences, Inc. (NASDAQ:SPRB) PT at $5.00

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received an average recommendation of “Hold” from the eight research firms that are currently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $5.00.

SPRB has been the topic of several research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a research note on Tuesday, August 13th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Finally, Oppenheimer reduced their price target on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a research report on Thursday, June 13th.

Spruce Biosciences Price Performance

SPRB stock opened at $0.45 on Tuesday. The stock has a market capitalization of $18.66 million, a PE ratio of -0.40 and a beta of 2.40. Spruce Biosciences has a 52 week low of $0.41 and a 52 week high of $5.95. The company has a quick ratio of 5.17, a current ratio of 5.17 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average of $0.49 and a 200 day moving average of $0.88.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. The business had revenue of $1.61 million during the quarter, compared to analysts’ expectations of $1.55 million. Spruce Biosciences had a negative net margin of 450.38% and a negative return on equity of 59.94%. Sell-side analysts forecast that Spruce Biosciences will post -1.12 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC boosted its holdings in Spruce Biosciences by 270.9% during the second 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 in the last quarter. AIGH Capital Management LLC boosted its stake in shares of Spruce Biosciences by 75.4% during the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after acquiring an additional 912,863 shares in the last quarter. Almitas Capital LLC acquired a new stake in shares of Spruce Biosciences during the 2nd quarter valued at about $205,000. Worth Venture Partners LLC increased its stake in shares of Spruce Biosciences by 74.4% in the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock valued at $1,544,000 after purchasing an additional 224,859 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new position in Spruce Biosciences in the 1st quarter worth about $157,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

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.