Spruce Biosciences (NASDAQ:SPRB) Issues Quarterly Earnings Results, Misses Estimates By $0.89 EPS

Spruce Biosciences (NASDAQ:SPRB) issued its quarterly earnings results on Wednesday. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.79) by ($0.89), FiscalAI reports.

Spruce Biosciences Price Performance

SPRB stock remained flat at $46.41 during midday trading on Wednesday. The company had a trading volume of 10,450 shares, compared to its average volume of 57,616. The business’s fifty day moving average price is $48.44 and its two-hundred day moving average price is $57.55. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $127.63 million, a price-to-earnings ratio of -1.27 and a beta of 3.23. Spruce Biosciences has a 1 year low of $7.00 and a 1 year high of $240.00.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Guggenheim began coverage on shares of Spruce Biosciences in a research note on Tuesday, June 16th. They issued a “buy” rating and a $123.00 target price for the company. Citizens Jmp decreased their price target on shares of Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 14th. B. Riley Financial assumed coverage on shares of Spruce Biosciences in a report on Monday, July 13th. They issued a “buy” rating and a $160.00 price target for the company. Oppenheimer restated an “outperform” rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Finally, HC Wainwright reduced their price objective on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.62.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SPRB. SkyView Investment Advisors LLC bought a new position in Spruce Biosciences in the fourth quarter valued at approximately $261,000. State Street Corp bought a new stake in shares of Spruce Biosciences during the 4th quarter valued at $558,000. Superstring Capital Management LP acquired a new position in shares of Spruce Biosciences in the 4th quarter valued at $1,057,000. Geode Capital Management LLC acquired a new position in shares of Spruce Biosciences in the 4th quarter valued at $1,109,000. Finally, Caligan Partners LP bought a new position in shares of Spruce Biosciences in the 4th quarter worth $1,787,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

About Spruce Biosciences

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.