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

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received an average rating of “Hold” from the eight analysts that are currently covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $5.00.

SPRB has been the subject of several research reports. Oppenheimer decreased their price objective on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a report on Thursday, June 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday, August 13th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th.

Spruce Biosciences Stock Performance

Shares of SPRB opened at $0.43 on Tuesday. The company has a market cap of $17.53 million, a price-to-earnings ratio of -0.38 and a beta of 2.40. The business’s fifty day simple moving average is $0.48 and its two-hundred day simple moving average is $0.78. Spruce Biosciences has a 12 month low of $0.41 and a 12 month high of $5.95. 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 (NASDAQ:SPRB) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.61 million during the quarter, compared to the consensus estimate of $1.55 million. Research analysts anticipate that Spruce Biosciences will post -1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. AWM Investment Company Inc. bought a new position in shares of Spruce Biosciences in the first quarter worth about $157,000. Renaissance Technologies LLC lifted its holdings in 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 in the last quarter. Almitas Capital LLC purchased a new position in Spruce Biosciences during the second quarter valued at approximately $205,000. Acadian Asset Management LLC bought a new position in shares of Spruce Biosciences in the first quarter worth approximately $289,000. Finally, Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences in the fourth quarter worth $348,000. 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.