HC Wainwright Reaffirms Neutral Rating for Spruce Biosciences (NASDAQ:SPRB)

HC Wainwright reissued their neutral rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a research note published on Monday, Benzinga reports. HC Wainwright also issued estimates for Spruce Biosciences’ Q3 2024 earnings at ($0.24) EPS, Q4 2024 earnings at ($0.27) EPS, FY2024 earnings at ($1.02) EPS, Q1 2025 earnings at ($0.27) EPS, Q3 2025 earnings at ($0.22) EPS, Q4 2025 earnings at ($0.26) EPS and FY2025 earnings at ($1.02) EPS.

SPRB has been the topic of several other research reports. Oppenheimer reduced their price target on shares of Spruce Biosciences from $4.00 to $3.00 and set an outperform rating on the stock in a research report on Thursday, June 13th. Royal Bank of Canada reiterated a sector perform rating and set a $2.00 price target on shares of Spruce Biosciences in a research note on Tuesday, August 13th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $5.00.

Spruce Biosciences Trading Down 4.3 %

SPRB stock opened at $0.46 on Monday. The company has a current ratio of 5.17, a quick ratio of 5.17 and a debt-to-equity ratio of 0.02. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95. The stock has a market cap of $18.82 million, a price-to-earnings ratio of -0.40 and a beta of 2.41. The business’s 50-day moving average is $0.52 and its 200 day moving average is $1.48.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, August 12th. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. The business had revenue of $1.61 million for the quarter, compared to analyst estimates of $1.55 million. Spruce Biosciences had a negative net margin of 450.38% and a negative return on equity of 59.94%. On average, sell-side analysts anticipate that Spruce Biosciences will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

Several hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted its position in shares of Spruce Biosciences by 270.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after buying an additional 999,166 shares during the last quarter. AIGH Capital Management LLC lifted its position in 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 purchased a new position in Spruce Biosciences in the 2nd quarter valued at $205,000. Worth Venture Partners LLC boosted its holdings in shares of Spruce Biosciences by 74.4% in the fourth quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock valued at $1,544,000 after acquiring an additional 224,859 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new position in Spruce Biosciences during the 1st quarter worth approximately $157,000. 91.71% of the stock is currently 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.