FY2024 EPS Forecast for Spruce Biosciences Raised by Analyst

Spruce Biosciences, Inc. (NASDAQ:SPRB) – Investment analysts at HC Wainwright lifted their FY2024 earnings per share (EPS) estimates for Spruce Biosciences in a research note issued on Monday, December 16th. HC Wainwright analyst R. Selvaraju now forecasts that the company will post earnings per share of ($0.90) for the year, up from their prior forecast of ($1.02). HC Wainwright has a “Neutral” rating on the stock. The consensus estimate for Spruce Biosciences’ current full-year earnings is ($1.03) per share. HC Wainwright also issued estimates for Spruce Biosciences’ Q4 2024 earnings at ($0.19) EPS, Q1 2025 earnings at ($0.17) EPS, Q2 2025 earnings at ($0.16) EPS, Q3 2025 earnings at ($0.15) EPS, Q4 2025 earnings at ($0.13) EPS and FY2025 earnings at ($0.61) EPS.

Several other brokerages also recently weighed in on SPRB. Royal Bank of Canada reiterated a “sector perform” rating and issued a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a report on Wednesday, December 11th. Citizens Jmp lowered Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JMP Securities reissued a “market perform” rating and set a $3.00 target price on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Finally, Guggenheim reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. Nine research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Stock Up 4.7 %

Shares of NASDAQ SPRB opened at $0.40 on Thursday. Spruce Biosciences has a 1 year low of $0.37 and a 1 year high of $5.95. The firm has a 50-day simple moving average of $0.51 and a two-hundred day simple moving average of $0.51. The company has a market cap of $16.52 million, a P/E ratio of -0.43 and a beta of 2.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.06. The firm had revenue of $0.60 million during 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 62.10%.

Institutional Trading of Spruce Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC grew its holdings 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 in the last quarter. Almitas Capital LLC purchased a new stake in shares of Spruce Biosciences in the 2nd quarter worth approximately $205,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Spruce Biosciences by 35.1% during the second 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 in the last quarter. 91.71% of the stock is currently owned by 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.