Spruce Biosciences (NASDAQ:SPRB) Announces Earnings Results

Spruce Biosciences (NASDAQ:SPRB) posted its quarterly earnings results on Wednesday. The company reported ($8.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01), Zacks reports.

Spruce Biosciences Stock Performance

SPRB opened at $59.00 on Friday. Spruce Biosciences has a one year low of $4.35 and a one year high of $240.00. The company has a market cap of $80.83 million, a P/E ratio of -1.61 and a beta of 3.26. The business’s 50-day simple moving average is $61.25 and its 200-day simple moving average is $77.35.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Cable Car Capital LP purchased a new position in Spruce Biosciences during the 3rd quarter worth approximately $239,000. SkyView Investment Advisors LLC purchased a new position in Spruce Biosciences during the 4th quarter worth approximately $261,000. State Street Corp purchased a new position in Spruce Biosciences during the 4th quarter worth approximately $558,000. Superstring Capital Management LP purchased a new position in Spruce Biosciences during the 4th quarter worth approximately $1,057,000. Finally, Geode Capital Management LLC purchased a new position in Spruce Biosciences during the 4th quarter worth approximately $1,109,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $200.00 price objective on shares of Spruce Biosciences in a report on Tuesday, March 10th. Craig Hallum assumed coverage on Spruce Biosciences in a report on Monday, April 27th. They issued a “buy” rating and a $140.00 price objective on the stock. Finally, Citizens Jmp dropped their price objective on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Thursday. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Spruce Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $186.60.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company’s lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.