Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $5.67 Consensus Price Target from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has been given a consensus rating of “Hold” by the eight analysts that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $5.67.

Several research firms have recently weighed in on SPRB. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, March 14th. JMP Securities decreased their target price on Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating for the company in a research report on Thursday, March 14th. LADENBURG THALM/SH SH lowered Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Royal Bank of Canada lowered Spruce Biosciences from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $9.00 to $2.00 in a research report on Thursday, March 14th. Finally, Guggenheim lowered Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th.

Insider Transactions at Spruce Biosciences

In other news, major shareholder Holdings A/S Novo sold 359,979 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $0.73, for a total value of $262,784.67. Following the completion of the transaction, the insider now directly owns 3,015,021 shares of the company’s stock, valued at $2,200,965.33. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 3,114,315 shares of company stock valued at $2,613,101 over the last ninety days. 9.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently modified their holdings of SPRB. AIGH Capital Management LLC grew its holdings in shares of Spruce Biosciences by 9.0% in the third 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. Worth Venture Partners LLC grew its holdings in shares of Spruce Biosciences by 8.8% in the third 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, Superstring Capital Management LP bought a new position in Spruce Biosciences during the fourth quarter valued at $348,000. 91.71% of the stock is owned by institutional investors.

Spruce Biosciences Stock Performance

SPRB stock opened at $0.70 on Friday. The stock has a 50-day moving average price of $2.53 and a 200-day moving average price of $2.25. Spruce Biosciences has a 1-year low of $0.67 and a 1-year high of $5.95. 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 has a market cap of $28.88 million, a PE ratio of -0.56 and a beta of 2.52.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Wednesday, March 13th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.18. Spruce Biosciences had a negative return on equity of 52.31% and a negative net margin of 474.96%. The firm had revenue of $2.89 million during the quarter, compared to analyst estimates of $1.65 million. As a group, equities research analysts expect that Spruce Biosciences will post -1.33 earnings per share for the current year.

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.