Spruce Biosciences, Inc. (NASDAQ:SPRB) Given Average Rating of “Hold” by Analysts

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been given an average rating of “Hold” by the eight analysts that are presently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $5.67.

A number of analysts have recently issued reports on the company. Guggenheim cut Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. JMP Securities lowered their price target on 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 cut Spruce Biosciences from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $9.00 to $2.00 in a report on Thursday, March 14th. SVB Leerink cut shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. Finally, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, March 14th.

Spruce Biosciences Price Performance

Shares of SPRB stock opened at $0.70 on Friday. The firm has a market cap of $28.82 million, a PE ratio of -0.56 and a beta of 2.52. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.02. Spruce Biosciences has a 12 month low of $0.68 and a 12 month high of $5.95. The stock has a 50 day moving average of $2.76 and a 200-day moving average of $2.28.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.18. The business had revenue of $2.89 million for the quarter, compared to analysts’ expectations of $1.65 million. Spruce Biosciences had a negative return on equity of 52.31% and a negative net margin of 474.96%. On average, equities analysts predict that Spruce Biosciences will post -1.33 EPS for the current year.

Insider Buying and Selling

In other Spruce Biosciences news, major shareholder Holdings A/S Novo sold 359,979 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $0.73, for a total transaction of $262,784.67. Following the completion of the sale, the insider now directly owns 3,015,021 shares of the company’s stock, valued at approximately $2,200,965.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 3,114,315 shares of company stock worth $2,613,101 over the last three months. 9.10% of the stock is currently owned by company insiders.

Institutional Trading of Spruce Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Spruce Biosciences by 150.5% during the 4th quarter. Vanguard Group Inc. now owns 822,390 shares of the company’s stock worth $2,410,000 after purchasing an additional 494,121 shares during the last quarter. Citadel Advisors LLC increased its stake in shares of Spruce Biosciences by 44.3% in the 4th quarter. Citadel Advisors LLC now owns 108,240 shares of the company’s stock valued at $317,000 after acquiring an additional 33,210 shares during the last quarter. Superstring Capital Management LP bought a new stake in shares of Spruce Biosciences in the 4th quarter valued at about $348,000. Northern Trust Corp increased its stake in shares of Spruce Biosciences by 98.7% in the 4th quarter. Northern Trust Corp now owns 96,688 shares of the company’s stock valued at $283,000 after acquiring an additional 48,024 shares during the last quarter. Finally, AIGH Capital Management LLC increased its stake in shares of Spruce Biosciences by 75.4% in the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock valued at $6,223,000 after acquiring an additional 912,863 shares during the last quarter. 91.71% of the stock is owned by 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.