HC Wainwright Reiterates “Neutral” Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “neutral” rating reissued by research analysts at HC Wainwright in a research note issued on Monday, Benzinga reports.

Other research analysts also recently issued reports about the stock. Oppenheimer cut their target price on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research report on Thursday, June 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $2.00 price objective on shares of Spruce Biosciences in a report on Tuesday, August 13th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.00.

Spruce Biosciences Stock Performance

SPRB stock opened at $0.46 on Monday. The company has a 50 day moving average price of $0.53 and a 200 day moving average price of $1.49. Spruce Biosciences has a fifty-two week low of $0.41 and a fifty-two week high of $5.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.17 and a quick ratio of 4.67. The stock has a market capitalization of $19.05 million, a PE ratio of -0.41 and a beta of 2.41.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, August 12th. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. The company had revenue of $1.61 million during the quarter, compared to the consensus estimate of $1.55 million. Spruce Biosciences had a negative return on equity of 59.94% and a negative net margin of 450.38%. Analysts forecast that Spruce Biosciences will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds have recently bought and sold shares of the company. Worth Venture Partners LLC increased its position in shares of Spruce Biosciences by 74.4% in the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock valued at $1,544,000 after buying an additional 224,859 shares in the last quarter. AIGH Capital Management LLC increased its holdings in shares of Spruce Biosciences by 75.4% in the fourth quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after acquiring an additional 912,863 shares in the last quarter. Superstring Capital Management LP acquired a new stake in shares of Spruce Biosciences during the fourth quarter worth about $348,000. Acadian Asset Management LLC bought a new position in shares of Spruce Biosciences during the 1st quarter valued at about $289,000. Finally, AWM Investment Company Inc. acquired a new position in shares of Spruce Biosciences in the 1st quarter valued at approximately $157,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

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.