Spruce Biosciences (NASDAQ:SPRB) Earns Market Perform Rating from JMP Securities

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market perform” rating reissued by research analysts at JMP Securities in a research note issued to investors on Wednesday.

Several other research analysts have also recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday, November 12th. Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating, According to MarketBeat.com, Spruce Biosciences has an average rating of “Hold” and a consensus price target of $4.00.

Spruce Biosciences Stock Performance

NASDAQ:SPRB opened at $0.54 on Wednesday. The business’s 50-day simple moving average is $0.51 and its 200-day simple moving average is $0.52. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36. Spruce Biosciences has a fifty-two week low of $0.41 and a fifty-two week high of $5.95. The stock has a market capitalization of $22.18 million, a PE ratio of -0.57 and a beta of 2.34.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly 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. The firm had revenue of $0.60 million for the quarter, compared to analyst estimates of $1.80 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. Sell-side analysts expect that Spruce Biosciences will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC grew its stake in Spruce Biosciences by 270.9% in the 2nd 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 in the last quarter. Almitas Capital LLC purchased a new stake in Spruce Biosciences during the 2nd quarter valued at about $205,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after purchasing an additional 95,100 shares during the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

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.