Royal Bank of Canada Reaffirms Sector Perform Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They currently have a $2.00 price objective on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 291.24% from the stock’s previous close.

Separately, HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Spruce Biosciences currently has an average rating of “Hold” and a consensus target price of $5.00.

Spruce Biosciences Trading Down 2.8 %

Shares of Spruce Biosciences stock opened at $0.51 on Tuesday. Spruce Biosciences has a fifty-two week low of $0.41 and a fifty-two week high of $5.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.17 and a current ratio of 5.17. The company’s 50 day moving average price is $0.49 and its two-hundred day moving average price is $0.56.

Spruce Biosciences (NASDAQ:SPRB) last issued 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. The company had revenue of $0.60 million for the quarter, compared to analyst estimates of $1.80 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 58.47%. On average, equities analysts anticipate that Spruce Biosciences will post -1.12 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. AWM Investment Company Inc. acquired a new position in Spruce Biosciences in the first quarter valued at $157,000. Renaissance Technologies LLC lifted its holdings in 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 during the period. Acadian Asset Management LLC acquired a new position in Spruce Biosciences in the first quarter valued at $289,000. Finally, Almitas Capital LLC acquired a new position in Spruce Biosciences in the second quarter valued at $205,000. Institutional investors and hedge funds 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.