Spruce Biosciences, Inc. (NASDAQ:SPRB) Given Consensus Recommendation of “Hold” by Analysts

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received an average rating of “Hold” from the nine analysts that are currently covering the company, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $3.90.

Several equities analysts recently weighed in on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Guggenheim reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating and set a $3.00 target price on shares of Spruce Biosciences in a research report on Wednesday, December 11th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC raised 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 acquiring an additional 95,100 shares during the period. Almitas Capital LLC bought a new position in Spruce Biosciences during the 2nd quarter valued at about $205,000. Finally, Acadian Asset Management LLC raised its position 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 during the period. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Stock Performance

NASDAQ SPRB opened at $0.42 on Thursday. 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 twelve month low of $0.37 and a twelve month high of $5.95. The business has a 50-day moving average price of $0.49 and a 200-day moving average price of $0.49. The firm has a market cap of $17.35 million, a price-to-earnings ratio of -0.45 and a beta of 2.34.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping 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 company had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. As a group, equities research analysts predict that Spruce Biosciences will post -1.03 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.