Spruce Biosciences (NASDAQ:SPRB) Earns “Sector Perform” Rating from Royal Bank of Canada

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “sector perform” rating reaffirmed by stock analysts at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They currently have a $1.50 price target on the stock, down from their previous price target of $2.00. Royal Bank of Canada’s price objective suggests a potential upside of 287.50% from the company’s previous close.

SPRB has been the topic of several other reports. JMP Securities reissued a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a research note on Wednesday. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday. Finally, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Nine investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB 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 company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36. The business’s 50 day simple moving average is $0.51 and its 200-day simple moving average is $0.52. Spruce Biosciences has a 12 month low of $0.38 and a 12 month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The company had revenue of $0.60 million for the quarter, compared to the consensus estimate 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, equities analysts forecast that Spruce Biosciences will post -1.03 earnings per share for the current fiscal year.

Institutional Trading of Spruce Biosciences

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after acquiring an additional 95,100 shares during the last quarter. Almitas Capital LLC acquired a new stake in shares of Spruce Biosciences during the second quarter worth $205,000. Finally, Acadian Asset Management LLC grew its position in shares of Spruce Biosciences by 270.9% in the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after purchasing an additional 999,166 shares during the period. Institutional investors and hedge funds own 91.71% of the company’s stock.

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.