Royal Bank of Canada Reiterates “Sector Perform” Rating for Spruce Biosciences (NASDAQ:SPRB)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a report published on Tuesday morning,Benzinga reports. They currently have a $2.00 price objective on the stock.

Separately, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spruce Biosciences presently has a consensus rating of “Hold” and a consensus price target of $5.00.

Spruce Biosciences Stock Down 5.8 %

Shares of Spruce Biosciences stock opened at $0.49 on Tuesday. The company has a quick ratio of 5.17, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. The firm has a market cap of $20.26 million, a P/E ratio of -0.52 and a beta of 2.36. Spruce Biosciences has a fifty-two week low of $0.41 and a fifty-two week high of $5.95. The business has a 50-day moving average price of $0.49 and a 200 day moving average price of $0.56.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings data on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating 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 return on equity of 62.10% and a negative net margin of 555.23%. On average, sell-side analysts forecast that Spruce Biosciences will post -1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its holdings 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 during the last quarter. AWM Investment Company Inc. acquired a new position in shares of Spruce Biosciences during the first quarter worth approximately $157,000. Acadian Asset Management LLC acquired a new position in shares of Spruce Biosciences during the first quarter worth approximately $289,000. Finally, Almitas Capital LLC acquired a new position in shares of Spruce Biosciences during the second quarter worth approximately $205,000. 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.