HC Wainwright Reiterates “Neutral” Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “neutral” rating reissued by HC Wainwright in a research note issued on Monday,Benzinga reports.

Other equities analysts have also issued reports about the company. JMP Securities restated a “market perform” rating and set a $3.00 price target 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 research report on Wednesday, December 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $1.50 target price (down from $2.00) on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Guggenheim reiterated a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday, December 12th. Finally, Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Spruce Biosciences has an average rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Stock Performance

NASDAQ:SPRB opened at $0.40 on Monday. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $0.51 and its 200 day simple moving average is $0.51. The firm has a market capitalization of $16.70 million, a PE ratio of -0.43 and a beta of 2.34. Spruce Biosciences has a 1 year low of $0.37 and a 1 year high of $5.95.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SPRB. Acadian Asset Management LLC grew its position in Spruce Biosciences by 270.9% during the 2nd 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 during the last quarter. Renaissance Technologies LLC boosted its stake in Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after purchasing an additional 95,100 shares in the last quarter. Finally, Almitas Capital LLC bought a new stake in shares of Spruce Biosciences during the second quarter worth $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.