Spruce Biosciences’ (SPRB) Sector Perform Rating Reiterated at Royal Bank of Canada

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “sector perform” rating restated by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $2.00 price objective on the stock. Royal Bank of Canada’s target price suggests a potential upside of 365.12% from the company’s previous close.

Several other research firms have also commented on SPRB. Oppenheimer reduced their price objective on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a research note on Thursday, June 13th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Wednesday, June 5th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $5.00.

Spruce Biosciences Price Performance

Shares of NASDAQ SPRB traded up $0.01 during midday trading on Tuesday, reaching $0.43. 323,542 shares of the stock traded hands, compared to its average volume of 815,509. The company’s 50 day moving average is $0.56 and its 200 day moving average is $1.62. Spruce Biosciences has a one year low of $0.41 and a one year high of $5.95. The stock has a market capitalization of $17.69 million, a PE ratio of -0.38 and a beta of 2.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.67 and a quick ratio of 4.67.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings data 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 57.53% and a negative net margin of 461.67%. The company had revenue of $1.61 million for the quarter, compared to analysts’ expectations of $1.55 million. On average, equities research analysts anticipate that Spruce Biosciences will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Hedge funds have recently made changes to their positions in the business. AWM Investment Company Inc. acquired a new stake in Spruce Biosciences during the first quarter worth about $157,000. Renaissance Technologies LLC boosted its stake in 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 purchasing an additional 95,100 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Spruce Biosciences during the first quarter worth approximately $289,000. Superstring Capital Management LP acquired a new position in Spruce Biosciences in the fourth quarter worth approximately $348,000. Finally, Worth Venture Partners LLC raised its holdings in Spruce Biosciences by 74.4% during the fourth 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. Hedge funds and other institutional investors own 91.71% of the company’s stock.

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.