Spruce Biosciences, Inc. (NASDAQ:SPRB) Given Average Recommendation of “Hold” by Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been given a consensus recommendation of “Hold” by the eight ratings firms that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $5.00.

Several research firms have recently commented on SPRB. Guggenheim lowered shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Leerink Partnrs downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 14th. Oppenheimer cut their price objective on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research report on Thursday. LADENBURG THALM/SH SH lowered Spruce Biosciences from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Finally, Royal Bank of Canada downgraded Spruce Biosciences from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $9.00 to $2.00 in a report on Thursday, March 14th.

Spruce Biosciences Stock Down 3.3 %

NASDAQ:SPRB opened at $0.65 on Friday. Spruce Biosciences has a 52 week low of $0.63 and a 52 week high of $5.95. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.02. The stock’s fifty day moving average is $0.73 and its two-hundred day moving average is $2.11. The stock has a market capitalization of $26.74 million, a price-to-earnings ratio of -0.57 and a beta of 2.49.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Monday, May 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.04. The firm had revenue of $2.00 million for the quarter, compared to analyst estimates of $1.12 million. Spruce Biosciences had a negative return on equity of 57.53% and a negative net margin of 461.67%. Research analysts anticipate that Spruce Biosciences will post -1.33 EPS for the current year.

Insider Activity at Spruce Biosciences

In other Spruce Biosciences news, major shareholder Holdings A/S Novo sold 842,020 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $0.77, for a total value of $648,355.40. Following the sale, the insider now directly owns 3,968,000 shares in the company, valued at $3,055,360. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Spruce Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. AWM Investment Company Inc. purchased a new stake in shares of Spruce Biosciences during the 1st quarter worth approximately $157,000. Acadian Asset Management LLC acquired a new stake in Spruce Biosciences during the 1st quarter worth $289,000. Superstring Capital Management LP acquired a new stake in Spruce Biosciences during the 4th quarter worth $348,000. Worth Venture Partners LLC lifted its position in Spruce Biosciences by 8.8% in the third quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock valued at $683,000 after acquiring an additional 24,450 shares during the last quarter. Finally, AIGH Capital Management LLC boosted its stake in Spruce Biosciences by 9.0% in the third quarter. AIGH Capital Management LLC now owns 1,211,000 shares of the company’s stock valued at $2,737,000 after acquiring an additional 100,000 shares in the last quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.