Oppenheimer Reiterates “Market Perform” Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market perform” rating reaffirmed by Oppenheimer in a report issued on Wednesday,Benzinga reports.

Several other equities analysts also recently commented on SPRB. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday, November 12th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.00.

Spruce Biosciences Stock Performance

Shares of NASDAQ:SPRB opened at $0.54 on Wednesday. Spruce Biosciences has a 52-week low of $0.41 and a 52-week high of $5.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.36 and a current ratio of 5.36. The company has a market capitalization of $22.18 million, a P/E ratio of -0.57 and a beta of 2.34. The company has a 50-day simple moving average of $0.51 and a 200 day simple moving average of $0.52.

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

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently modified their holdings of SPRB. Acadian Asset Management LLC raised its stake in Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after purchasing an additional 999,166 shares in the last quarter. Almitas Capital LLC bought a new position in shares of Spruce Biosciences during the second quarter worth approximately $205,000. Finally, Renaissance Technologies LLC raised its position 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. 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.