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

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market perform” rating restated by investment analysts at Oppenheimer in a report issued on Wednesday, MarketBeat Ratings reports.

A number of other research firms have also weighed in on SPRB. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a research report on Tuesday, November 12th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, August 19th. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Stock Performance

Shares of SPRB stock opened at $0.39 on Wednesday. The firm has a market capitalization of $15.99 million, a price-to-earnings ratio of -0.41 and a beta of 2.34. The stock has a fifty day moving average of $0.51 and a 200 day moving average of $0.52. Spruce Biosciences has a 52 week low of $0.38 and a 52 week high of $5.95. 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 (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.06. The company had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. As a group, research analysts expect that Spruce Biosciences will post -1.03 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC boosted its holdings in Spruce Biosciences by 270.9% in the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after purchasing an additional 999,166 shares during the last quarter. 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 worth $190,000 after buying an additional 95,100 shares during the last quarter. Finally, Almitas Capital LLC purchased a new position in shares of Spruce Biosciences in the 2nd quarter worth $205,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

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.