Spruce Biosciences (NASDAQ:SPRB) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Spruce Biosciences (NASDAQ:SPRB) issued its earnings results on Monday. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.10, Yahoo Finance reports. The company had revenue of $1.61 million during the quarter, compared to analysts’ expectations of $1.55 million. Spruce Biosciences had a negative return on equity of 57.53% and a negative net margin of 461.67%.

Spruce Biosciences Stock Down 2.0 %

SPRB stock traded down $0.01 on Wednesday, reaching $0.43. 21,251 shares of the company traded hands, compared to its average volume of 812,920. Spruce Biosciences has a one year low of $0.41 and a one year high of $5.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.67 and a quick ratio of 4.67. The company has a market cap of $17.49 million, a P/E ratio of -0.38 and a beta of 2.41. The firm has a fifty day simple moving average of $0.56 and a 200-day simple moving average of $1.60.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a research report on Tuesday. Oppenheimer lowered their price target on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a research report on Thursday, June 13th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Wednesday, June 5th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.00.

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.