Royal Bank of Canada Reaffirms Sector Perform Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They currently have a $2.00 price target on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 291.24% from the company’s previous close.

Separately, HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus price target of $5.00.

Spruce Biosciences Price Performance

Shares of SPRB stock opened at $0.51 on Tuesday. The firm has a 50 day moving average price of $0.49 and a two-hundred day moving average price of $0.56. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.17 and a current ratio of 5.17. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 58.47%. The company had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. Research analysts predict that Spruce Biosciences will post -1.12 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new position in Spruce Biosciences in the first quarter valued at approximately $289,000. Almitas Capital LLC bought a new position in Spruce Biosciences in the second quarter valued at approximately $205,000. Renaissance Technologies LLC boosted its position in Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after buying an additional 95,100 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new stake in Spruce Biosciences in the first quarter valued at approximately $157,000. 91.71% of the stock is owned by 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.