Oppenheimer Cuts Spruce Biosciences (NASDAQ:SPRB) Price Target to $3.00

Spruce Biosciences (NASDAQ:SPRB) had its target price decreased by Oppenheimer from $4.00 to $3.00 in a research report report published on Thursday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the company. Royal Bank of Canada cut Spruce Biosciences from an outperform rating to a sector perform rating and dropped their price target for the company from $9.00 to $2.00 in a research note on Thursday, March 14th. Guggenheim cut Spruce Biosciences from a buy rating to a neutral rating in a research note on Thursday, March 14th. LADENBURG THALM/SH SH cut Spruce Biosciences from a buy rating to a neutral rating in a research note on Thursday, March 14th. Leerink Partnrs cut Spruce Biosciences from an outperform rating to a market perform rating in a research note on Thursday, March 14th. Finally, JMP Securities dropped their price target on Spruce Biosciences from $8.00 to $3.00 and set a market outperform rating for the company in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average price target of $5.00.

Spruce Biosciences Trading Down 3.3 %

Shares of SPRB stock opened at $0.65 on Thursday. The stock’s fifty day moving average price is $0.73 and its two-hundred day moving average price is $2.11. The company has a market cap of $26.74 million, a PE ratio of -0.57 and a beta of 2.49. Spruce Biosciences has a fifty-two week low of $0.63 and a fifty-two week high of $5.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.67 and a current ratio of 4.67.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Monday, May 13th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.04. The firm had revenue of $2.00 million for the quarter, compared to the consensus estimate of $1.12 million. Spruce Biosciences had a negative return on equity of 57.53% and a negative net margin of 461.67%. Equities analysts predict that Spruce Biosciences will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Holdings A/S Novo sold 359,979 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $0.73, for a total transaction of $262,784.67. Following the completion of the transaction, the insider now directly owns 3,015,021 shares of the company’s stock, valued at approximately $2,200,965.33. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SPRB. AWM Investment Company Inc. bought a new position in shares of Spruce Biosciences in the 1st quarter worth about $157,000. Acadian Asset Management LLC bought a new position in shares of Spruce Biosciences in the 1st quarter worth about $289,000. Superstring Capital Management LP bought a new position in shares of Spruce Biosciences in the 4th quarter worth about $348,000. Worth Venture Partners LLC raised its position in shares of Spruce Biosciences by 8.8% in the 3rd quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock worth $683,000 after acquiring an additional 24,450 shares in the last quarter. Finally, AIGH Capital Management LLC grew its stake in shares of Spruce Biosciences by 9.0% in the 3rd quarter. AIGH Capital Management LLC now owns 1,211,000 shares of the company’s stock valued at $2,737,000 after buying an additional 100,000 shares during the period. 91.71% of the stock is owned by institutional investors.

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.