Analysts Set Spruce Biosciences, Inc. (NASDAQ:SPRB) Price Target at $5.00

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received an average rating of “Hold” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $5.00.

SPRB has been the topic of a number of research reports. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a research note on Tuesday, August 13th.

Institutional Trading of Spruce Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in shares of Spruce Biosciences by 270.9% during the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after buying an additional 999,166 shares during the period. Almitas Capital LLC purchased a new position in Spruce Biosciences during the 2nd quarter valued at $205,000. Renaissance Technologies LLC grew its position 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. Finally, AWM Investment Company Inc. purchased a new stake in Spruce Biosciences in the first quarter worth $157,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Stock Performance

NASDAQ SPRB opened at $0.54 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.17 and a quick ratio of 5.17. Spruce Biosciences has a 1-year low of $0.41 and a 1-year high of $5.95. The business has a 50 day simple moving average of $0.49 and a two-hundred day simple moving average of $0.57. The stock has a market capitalization of $22.13 million, a PE ratio of -0.53 and a beta of 2.36.

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

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.