Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $4.00 Consensus Target Price from Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus rating of “Hold” from the eight ratings firms that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $4.00.

A number of research firms recently commented on SPRB. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, August 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a report on Tuesday, November 12th.

Institutional Trading of Spruce Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC raised its stake in shares of Spruce Biosciences by 35.1% during the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after buying an additional 95,100 shares during the last quarter. Almitas Capital LLC purchased a new position in Spruce Biosciences during the second quarter valued at approximately $205,000. Finally, Acadian Asset Management LLC lifted its holdings in Spruce Biosciences by 270.9% in the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after acquiring an additional 999,166 shares during the period. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Spruce Biosciences Stock Performance

Shares of NASDAQ:SPRB opened at $0.50 on Friday. The company has a market capitalization of $20.64 million, a PE ratio of -0.53 and a beta of 2.34. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95. The business’s fifty day simple moving average is $0.51 and its 200-day simple moving average is $0.53.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The company had revenue of $0.60 million for the quarter, compared to analyst estimates of $1.80 million. As a group, equities research analysts predict that Spruce Biosciences will post -1.03 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.