Analysts Set Spruce Biosciences, Inc. (NASDAQ:SPRB) PT at $4.00

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus recommendation of “Hold” from the eight research firms that are covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $4.00.

Several research analysts have recently issued reports on SPRB shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $2.00 price objective on shares of Spruce Biosciences in a report on Tuesday, November 12th. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th.

Spruce Biosciences Stock Performance

SPRB opened at $0.50 on Friday. Spruce Biosciences has a twelve month low of $0.41 and a twelve month high of $5.95. The stock has a market cap of $20.44 million, a PE ratio of -0.53 and a beta of 2.34. The business’s 50 day moving average is $0.51 and its 200-day moving average is $0.53. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, beating 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 return on equity of 62.10% and a negative net margin of 555.23%. On average, analysts predict that Spruce Biosciences will post -1.03 earnings per share for the current year.

Institutional Trading of Spruce Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC increased its position 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 worth $707,000 after acquiring an additional 999,166 shares in the last quarter. Almitas Capital LLC purchased a new position in Spruce Biosciences during the 2nd quarter worth approximately $205,000. Finally, Renaissance Technologies LLC raised its stake in Spruce Biosciences by 35.1% during the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after purchasing an additional 95,100 shares during the period. 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.