Guggenheim Reaffirms “Neutral” Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “neutral” rating restated by research analysts at Guggenheim in a research report issued to clients and investors on Thursday,Benzinga reports.

A number of other equities analysts have also recently issued reports on SPRB. Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday. JMP Securities reiterated a “market perform” rating and set a $3.00 price objective on shares of Spruce Biosciences in a report on Wednesday. Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, August 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $1.50 price objective (down from $2.00) on shares of Spruce Biosciences in a report on Wednesday. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Stock Down 4.8 %

NASDAQ:SPRB traded down $0.02 during trading hours on Thursday, reaching $0.41. The company had a trading volume of 319,336 shares, compared to its average volume of 697,326. The business’s 50-day simple moving average is $0.51 and its two-hundred day simple moving average is $0.52. Spruce Biosciences has a twelve month low of $0.38 and a twelve month high of $5.95. The firm has a market cap of $16.89 million, a price-to-earnings ratio of -0.44 and a beta of 2.34. 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 (NASDAQ:SPRB) last issued its earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.06. The business had revenue of $0.60 million during the quarter, compared to analyst estimates of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. On average, equities analysts expect that Spruce Biosciences will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SPRB. Renaissance Technologies LLC raised its stake in shares of Spruce Biosciences by 35.1% during the 2nd 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 period. Almitas Capital LLC bought a new position in shares of Spruce Biosciences during the 2nd quarter valued at approximately $205,000. Finally, Acadian Asset Management LLC increased its stake 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 purchasing an additional 999,166 shares during the last quarter. 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.