Guggenheim Reaffirms Neutral Rating for Spruce Biosciences (NASDAQ:SPRB)

Guggenheim restated their neutral rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a research report sent to investors on Thursday,Benzinga reports.

Other research analysts also recently issued research reports about the stock. Citizens Jmp downgraded shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. JMP Securities reissued a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a research report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and set a $1.50 price objective (down previously from $2.00) on shares of Spruce Biosciences in a research note on Wednesday. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday. Nine research analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.90.

Spruce Biosciences Stock Down 9.9 %

SPRB stock opened at $0.39 on Thursday. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The company’s 50 day simple moving average is $0.51 and its 200-day simple moving average is $0.52. Spruce Biosciences has a 12 month low of $0.38 and a 12 month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The firm had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. On average, sell-side analysts anticipate that Spruce Biosciences will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Almitas Capital LLC acquired a new position in shares of Spruce Biosciences during the second quarter worth about $205,000. Renaissance Technologies LLC grew its stake in shares of Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after buying an additional 95,100 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of 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 buying an additional 999,166 shares during the period. 91.71% of the stock is owned by institutional investors and hedge funds.

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.