Royal Bank of Canada Has Lowered Expectations for Spruce Biosciences (NASDAQ:SPRB) Stock Price

Spruce Biosciences (NASDAQ:SPRB) had its price objective lowered by Royal Bank of Canada from $1.50 to $0.50 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 321.23% from the stock’s current price.

Spruce Biosciences Stock Performance

NASDAQ SPRB opened at $0.12 on Wednesday. The company has a fifty day moving average of $0.33 and a two-hundred day moving average of $0.41. The company has a market capitalization of $4.90 million, a PE ratio of -0.13 and a beta of 2.39. Spruce Biosciences has a 1 year low of $0.11 and a 1 year high of $0.87. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Tuesday, April 15th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.37). The firm had revenue of $0.55 million for the quarter, compared to analysts’ expectations of $0.50 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. As a group, analysts expect that Spruce Biosciences will post -1 earnings per share for the current year.

Institutional Trading of Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC bought a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned 0.70% of Spruce Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC). 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.