Brokerages Set Spruce Biosciences, Inc. (NASDAQ:SPRB) PT at $5.67

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have been assigned an average recommendation of “Hold” from the eight analysts that are covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $5.67.

SPRB has been the subject of a number of recent research reports. LADENBURG THALM/SH SH downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Leerink Partnrs downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 14th. Guggenheim downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, March 14th. Finally, Royal Bank of Canada downgraded shares of Spruce Biosciences from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $9.00 to $2.00 in a research report on Thursday, March 14th.

Spruce Biosciences Stock Performance

NASDAQ:SPRB opened at $0.70 on Friday. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.02. Spruce Biosciences has a 12 month low of $0.67 and a 12 month high of $5.95. The company has a market cap of $28.88 million, a PE ratio of -0.56 and a beta of 2.52. The company has a 50 day simple moving average of $2.53 and a two-hundred day simple moving average of $2.25.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Wednesday, March 13th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.18. Spruce Biosciences had a negative net margin of 474.96% and a negative return on equity of 52.31%. The business had revenue of $2.89 million during the quarter, compared to the consensus estimate of $1.65 million. Research analysts forecast that Spruce Biosciences will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Holdings A/S Novo sold 359,979 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $0.73, for a total value of $262,784.67. Following the completion of the transaction, the insider now owns 3,015,021 shares of the company’s stock, valued at approximately $2,200,965.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 3,114,315 shares of company stock valued at $2,613,101. Company insiders own 9.10% of the company’s stock.

Institutional Trading of Spruce Biosciences

Several hedge funds have recently bought and sold shares of the stock. Superstring Capital Management LP purchased a new stake in Spruce Biosciences in the 4th quarter worth $348,000. AIGH Capital Management LLC lifted its stake in Spruce Biosciences by 75.4% in the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after purchasing an additional 912,863 shares in the last quarter. Finally, Worth Venture Partners LLC lifted its stake in Spruce Biosciences by 74.4% in the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock worth $1,544,000 after purchasing an additional 224,859 shares in the last quarter. Hedge funds and other institutional investors 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.