Spruce Biosciences’ (SPRB) “Neutral” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their neutral rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a report issued on Monday morning,Benzinga reports.

Other analysts have also recently issued research reports about the stock. Citizens Jmp cut shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JMP Securities reiterated a “market perform” rating and set a $3.00 target price on shares of Spruce Biosciences in a report on Wednesday, December 11th. Guggenheim restated a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday, December 12th. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $1.50 target price (down from $2.00) on shares of Spruce Biosciences in a report on Wednesday, December 11th. Nine equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Stock Down 5.5 %

Shares of SPRB opened at $0.38 on Monday. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The firm has a market cap of $15.78 million, a P/E ratio of -0.41 and a beta of 2.34. The company’s 50-day moving average price is $0.51 and its 200 day moving average price is $0.51. Spruce Biosciences has a 12-month low of $0.37 and a 12-month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.06. The firm had revenue of $0.60 million for the quarter, compared to analyst estimates 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, sell-side analysts forecast that Spruce Biosciences will post -1.03 earnings per share for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position 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 stake in Spruce Biosciences during the 2nd quarter worth $205,000. Finally, Acadian Asset Management LLC lifted its position in 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 acquiring an additional 999,166 shares during the last quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.