Spruce Biosciences (NASDAQ:SPRB) Receives “Neutral” Rating from HC Wainwright

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “neutral” rating restated by research analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports.

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $1.50 target price (down previously from $2.00) on shares of Spruce Biosciences in a report on Wednesday, December 11th. Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JMP Securities reissued a “market perform” rating and issued a $3.00 target price on shares of Spruce Biosciences in a report on Wednesday, December 11th. Finally, Guggenheim restated a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday. Nine equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.90.

Spruce Biosciences Trading Down 1.0 %

Shares of Spruce Biosciences stock opened at $0.38 on Monday. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a 12-month low of $0.37 and a 12-month high of $5.95. The company has a market capitalization of $15.83 million, a price-to-earnings ratio of -0.41 and a beta of 2.34. The firm’s 50-day moving average price is $0.51 and its two-hundred day moving average price is $0.52.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The company had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. On average, analysts forecast that Spruce Biosciences will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its stake 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 acquiring an additional 95,100 shares during the period. Almitas Capital LLC acquired a new stake in Spruce Biosciences during the 2nd quarter valued at approximately $205,000. Finally, Acadian Asset Management LLC raised its holdings in 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 purchasing an additional 999,166 shares during the last quarter. Institutional investors and hedge funds own 91.71% of the company’s stock.

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.