Spruce Biosciences’ (SPRB) Market Perform Rating Reiterated at JMP Securities

JMP Securities reiterated their market perform rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a report published on Wednesday, MarketBeat.com reports. The brokerage currently has a $3.00 price target on the stock.

Several other equities research analysts also recently commented on the stock. Oppenheimer reaffirmed a “market perform” rating 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, Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 target price on shares of Spruce Biosciences in a report on Tuesday, November 12th. Nine equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock opened at $0.38 on Wednesday. The business has a fifty day simple moving average of $0.51 and a 200 day simple moving average of $0.52. The stock has a market cap of $15.83 million, a PE ratio of -0.41 and a beta of 2.34. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a 12 month low of $0.37 and a 12 month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.06. The company had revenue of $0.60 million during the quarter, compared to analyst estimates of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. Research analysts predict that Spruce Biosciences will post -1.03 EPS for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its holdings in shares of Spruce Biosciences by 270.9% in the second 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 in the last quarter. Renaissance Technologies LLC raised its position in Spruce Biosciences by 35.1% in the 2nd 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 during the last quarter. Finally, Almitas Capital LLC bought a new stake in Spruce Biosciences in the 2nd quarter valued at approximately $205,000. Institutional investors own 91.71% of the company’s stock.

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.