Oppenheimer Reaffirms Market Perform Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market perform” rating restated by equities research analysts at Oppenheimer in a research note issued to investors on Wednesday, Marketbeat reports.

Several other brokerages also recently weighed in on SPRB. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday, November 12th. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Nine research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock opened at $0.39 on Wednesday. The stock has a market cap of $15.99 million, a P/E ratio of -0.41 and a beta of 2.34. 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 stock’s fifty day moving average is $0.51 and its 200 day moving average is $0.52. Spruce Biosciences has a one year low of $0.38 and a one year high of $5.95.

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. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The business had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $1.80 million. Sell-side analysts anticipate that Spruce Biosciences will post -1.03 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC boosted its stake in Spruce Biosciences by 270.9% during the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after buying an additional 999,166 shares during the last quarter. Almitas Capital LLC bought a new stake in Spruce Biosciences in the 2nd quarter worth approximately $205,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Spruce Biosciences by 35.1% during the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after acquiring an additional 95,100 shares in the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

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.