Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Average Rating of “Hold” from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus rating of “Hold” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $5.00.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPRB. Acadian Asset Management LLC raised its position in Spruce Biosciences by 270.9% during the 2nd 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 last quarter. Almitas Capital LLC bought a new position in shares of Spruce Biosciences in the 2nd quarter worth approximately $205,000. AWM Investment Company Inc. bought a new position in shares of Spruce Biosciences in the 1st quarter worth approximately $157,000. Finally, Renaissance Technologies LLC raised its position in shares of Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after acquiring an additional 95,100 shares in the last quarter. Institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Trading Up 1.0 %

Shares of SPRB stock opened at $0.54 on Wednesday. The company has a quick ratio of 5.17, a current ratio of 5.17 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $0.48 and a two-hundred day moving average price of $0.57. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95. The firm has a market cap of $22.31 million, a P/E ratio of -0.52 and a beta of 2.36.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.61 million during the quarter, compared to analyst estimates of $1.55 million. Equities analysts anticipate that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

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.