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

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have earned an average recommendation of “Hold” from the eight analysts that are presently covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $5.67.

SPRB has been the topic of several recent research reports. SVB Leerink downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. JMP Securities cut their target price on shares of 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. Royal Bank of Canada downgraded shares of Spruce Biosciences from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. LADENBURG THALM/SH SH downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Finally, Leerink Partnrs downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 14th.

Spruce Biosciences Stock Performance

Shares of Spruce Biosciences stock opened at $0.70 on Friday. The firm has a market capitalization of $28.81 million, a PE ratio of -0.56 and a beta of 2.52. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $2.35 and its 200 day moving average is $2.23. Spruce Biosciences has a 1 year low of $0.67 and a 1 year high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Wednesday, March 13th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 474.96% and a negative return on equity of 52.31%. Equities research analysts forecast that Spruce Biosciences will post -1.33 earnings per share for the current fiscal year.

Insider Transactions at Spruce Biosciences

In other news, major shareholder Holdings A/S Novo sold 1,912,316 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $0.89, for a total value of $1,701,961.24. Following the transaction, the insider now owns 4,810,020 shares in the company, valued at approximately $4,280,917.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 3,114,315 shares of company stock worth $2,613,101. Company insiders own 9.10% of the company’s stock.

Institutional Trading of Spruce Biosciences

Hedge funds have recently modified their holdings of the stock. Superstring Capital Management LP bought a new stake in shares of Spruce Biosciences in the 4th quarter valued at $348,000. Worth Venture Partners LLC increased its stake 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 acquiring an additional 24,450 shares in the last quarter. Finally, AIGH Capital Management LLC increased its stake 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 acquiring an additional 100,000 shares in the last quarter. 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.