Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $5.67 Average PT from Analysts

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have been assigned a consensus recommendation of “Hold” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $5.67.

SPRB has been the topic of a number of recent research reports. SVB Leerink lowered Spruce Biosciences from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $9.00 to $2.00 in a research note on Thursday, March 14th. Leerink Partnrs lowered Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 14th. Royal Bank of Canada downgraded Spruce Biosciences from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $9.00 to $2.00 in a research report on Thursday, March 14th. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, March 14th. Finally, JMP Securities reduced their target price on Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating on the stock in a research report on Thursday, March 14th.

Spruce Biosciences Price Performance

Spruce Biosciences stock opened at $0.70 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.18 and a quick ratio of 4.18. The business has a 50 day simple moving average of $2.35 and a 200-day simple moving average of $2.23. The stock has a market capitalization of $28.81 million, a PE ratio of -0.56 and a beta of 2.52. Spruce Biosciences has a 12 month low of $0.67 and a 12 month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.18. The company had revenue of $2.89 million for the quarter, compared to analyst estimates of $1.65 million. Spruce Biosciences had a negative return on equity of 52.31% and a negative net margin of 474.96%. On average, analysts anticipate that Spruce Biosciences will post -1.33 EPS for the current fiscal year.

Insider Activity at Spruce Biosciences

In related news, major shareholder Holdings A/S Novo sold 1,912,316 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $0.89, for a total value of $1,701,961.24. Following the sale, the insider now owns 4,810,020 shares in the company, valued at approximately $4,280,917.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 3,114,315 shares of company stock worth $2,613,101. 9.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently modified their holdings of SPRB. Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences in the 4th quarter valued at $348,000. Worth Venture Partners LLC raised its holdings in shares of Spruce Biosciences by 8.8% in the 3rd quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock valued at $683,000 after buying an additional 24,450 shares during the period. Finally, AIGH Capital Management LLC raised its holdings in shares of Spruce Biosciences by 9.0% in the 3rd quarter. AIGH Capital Management LLC now owns 1,211,000 shares of the company’s stock valued at $2,737,000 after buying an additional 100,000 shares during the period. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.