HC Wainwright Has Bullish Estimate for SPRB FY2024 Earnings

Spruce Biosciences, Inc. (NASDAQ:SPRB) – Stock analysts at HC Wainwright boosted their FY2024 earnings per share (EPS) estimates for shares of Spruce Biosciences in a research report issued on Monday, December 16th. HC Wainwright analyst R. Selvaraju now forecasts that the company will post earnings of ($0.90) per share for the year, up from their previous forecast of ($1.02). HC Wainwright currently has a “Neutral” rating on the stock. The consensus estimate for Spruce Biosciences’ current full-year earnings is ($1.03) per share. HC Wainwright also issued estimates for Spruce Biosciences’ Q4 2024 earnings at ($0.19) EPS, Q1 2025 earnings at ($0.17) EPS, Q2 2025 earnings at ($0.16) EPS, Q3 2025 earnings at ($0.15) EPS, Q4 2025 earnings at ($0.13) EPS and FY2025 earnings at ($0.61) EPS.

Several other equities research analysts have also recently issued reports on the stock. Citizens Jmp cut shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JMP Securities restated a “market perform” rating and set a $3.00 price target on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Guggenheim reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday, December 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $1.50 price target (down previously from $2.00) on shares of Spruce Biosciences in a report on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Stock Performance

NASDAQ SPRB opened at $0.38 on Thursday. 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 stock’s 50 day simple moving average is $0.51 and its 200-day simple moving average is $0.51. The company has a market cap of $15.78 million, a PE ratio of -0.41 and a beta of 2.34. Spruce Biosciences has a 1-year low of $0.37 and a 1-year high of $5.95.

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, beating 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 firm had revenue of $0.60 million for the quarter, compared to analyst estimates of $1.80 million.

Hedge Funds Weigh In On Spruce Biosciences

Several large investors have recently modified their holdings of SPRB. Almitas Capital LLC acquired a new position in shares of Spruce Biosciences in the 2nd quarter worth approximately $205,000. Acadian Asset Management LLC raised its position 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 valued at $707,000 after purchasing an additional 999,166 shares during the period. Finally, Renaissance Technologies LLC lifted its stake 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 purchasing an additional 95,100 shares in the last quarter. 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.