Acadian Asset Management LLC Increases Position in Spruce Biosciences, Inc. (NASDAQ:SPRB)

Acadian Asset Management LLC boosted its position in Spruce Biosciences, Inc. (NASDAQ:SPRB) by 270.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,367,997 shares of the company’s stock after acquiring an additional 999,166 shares during the period. Acadian Asset Management LLC owned about 3.32% of Spruce Biosciences worth $707,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SPRB. AWM Investment Company Inc. acquired a new position in Spruce Biosciences during the first quarter worth approximately $157,000. Superstring Capital Management LP acquired a new stake in shares of Spruce Biosciences during the 4th quarter worth $348,000. Finally, AIGH Capital Management LLC raised its position in shares of Spruce Biosciences by 75.4% in the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after buying an additional 912,863 shares during the period. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPRB. Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a research note on Tuesday, August 13th. Oppenheimer decreased their price target on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a research report on Thursday, June 13th. Finally, HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $5.00.

Spruce Biosciences Price Performance

NASDAQ SPRB opened at $0.45 on Wednesday. The stock’s 50-day moving average price is $0.49 and its two-hundred day moving average price is $0.88. The company has a market cap of $18.65 million, a PE ratio of -0.40 and a beta of 2.40. The company has a current ratio of 5.17, a quick ratio of 5.17 and a debt-to-equity ratio of 0.02. Spruce Biosciences, Inc. has a 1 year low of $0.41 and a 1 year high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, August 12th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.10. Spruce Biosciences had a negative return on equity of 59.94% and a negative net margin of 450.38%. The company had revenue of $1.61 million for the quarter, compared to analysts’ expectations of $1.55 million. On average, analysts predict that Spruce Biosciences, Inc. will post -1.12 EPS for the current year.

Spruce Biosciences 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.