Spruce Biosciences (NASDAQ:SPRB) Earns “Market Perform” Rating from JMP Securities

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market perform” rating reaffirmed by JMP Securities in a report released on Wednesday, Marketbeat reports. They presently have a $3.00 target price on the stock.

Other research analysts also recently issued reports about the stock. Royal Bank of Canada restated a “sector perform” rating and set a $2.00 target price on shares of Spruce Biosciences in a research report on Tuesday, November 12th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Finally, Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating, According to MarketBeat, Spruce Biosciences presently has a consensus rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Trading Down 9.9 %

Shares of NASDAQ:SPRB opened at $0.39 on Wednesday. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a 52-week low of $0.38 and a 52-week high of $5.95. The stock has a market cap of $15.99 million, a price-to-earnings ratio of -0.41 and a beta of 2.34. The business has a 50-day moving average price of $0.51 and a 200-day moving average price of $0.52.

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

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC raised its stake in shares of 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 buying an additional 999,166 shares during the period. Almitas Capital LLC purchased a new stake in Spruce Biosciences in the 2nd quarter worth $205,000. Finally, Renaissance Technologies LLC raised its position in 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 acquiring an additional 95,100 shares during the period. 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.