Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $5.00 Consensus Price Target from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus recommendation of “Hold” from the eight analysts that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $5.00.

Several equities research analysts recently commented on the stock. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, August 19th. Oppenheimer lowered their target price on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a report on Thursday, June 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $2.00 target price on shares of Spruce Biosciences in a report on Tuesday, August 13th.

Institutional Investors Weigh In On Spruce Biosciences

A number of large investors have recently made changes to their positions in SPRB. Acadian Asset Management LLC increased its position in shares of 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 period. AIGH Capital Management LLC grew its holdings in shares of Spruce Biosciences by 75.4% during the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after acquiring an additional 912,863 shares during the period. Almitas Capital LLC bought a new position in shares of Spruce Biosciences in the 2nd quarter worth approximately $205,000. Worth Venture Partners LLC raised its position in shares of 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 acquiring an additional 224,859 shares in the last quarter. Finally, AWM Investment Company Inc. purchased a new position in shares of Spruce Biosciences in the 1st quarter valued at approximately $157,000. 91.71% of the stock is currently owned by institutional investors.

Spruce Biosciences Stock Down 2.6 %

Shares of SPRB stock opened at $0.44 on Tuesday. The firm has a fifty day moving average of $0.48 and a 200-day moving average of $0.84. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95. The company has a market capitalization of $18.17 million, a price-to-earnings ratio of -0.39 and a beta of 2.40. The company has a quick ratio of 5.17, a current ratio of 5.17 and a debt-to-equity ratio of 0.02.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.10. Spruce Biosciences had a negative return on equity of 59.94% and a negative net margin of 450.38%. The business had revenue of $1.61 million for the quarter, compared to analysts’ expectations of $1.55 million. As a group, equities research analysts predict that Spruce Biosciences will post -1.12 earnings per share for the current fiscal year.

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.