Spruce Biosciences’ (SPRB) Market Perform Rating Reaffirmed at JMP Securities

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market perform” rating reaffirmed by research analysts at JMP Securities in a research report issued to clients and investors on Wednesday.

Several other research analysts have also commented on SPRB. Oppenheimer reiterated 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 restated a “sector perform” rating and issued a $2.00 price objective on shares of Spruce Biosciences in a report on Tuesday, November 12th. Eight analysts have rated the stock with a hold rating, According to data from MarketBeat, Spruce Biosciences presently has an average rating of “Hold” and an average price target of $4.00.

Spruce Biosciences Stock Performance

Shares of SPRB stock opened at $0.54 on Wednesday. The firm has a market capitalization of $22.18 million, a PE ratio of -0.57 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. The company has a 50 day moving average price of $0.51 and a 200-day moving average price of $0.52. Spruce Biosciences has a 52 week low of $0.41 and a 52 week high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.06. The company had revenue of $0.60 million for the quarter, compared to the consensus estimate of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. As a group, equities research analysts expect that Spruce Biosciences will post -1.03 earnings per share for the current year.

Institutional Trading of Spruce Biosciences

Several large investors have recently bought and sold shares of SPRB. Renaissance Technologies LLC increased its holdings 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 buying an additional 95,100 shares during the last quarter. Almitas Capital LLC acquired a new position in Spruce Biosciences during the 2nd quarter worth about $205,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Spruce Biosciences by 270.9% in the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after purchasing an additional 999,166 shares during the period. Hedge funds and other institutional investors 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.