Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Average Recommendation of “Hold” from Analysts

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received an average rating of “Hold” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $5.67.

A number of brokerages recently weighed in on SPRB. LADENBURG THALM/SH SH downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Leerink Partnrs downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 14th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Tuesday, May 14th. SVB Leerink downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. Finally, Royal Bank of Canada downgraded shares of Spruce Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th.

Spruce Biosciences Stock Down 2.6 %

Shares of Spruce Biosciences stock opened at $0.75 on Wednesday. The company has a market cap of $30.86 million, a price-to-earnings ratio of -0.66 and a beta of 2.50. The company’s 50 day moving average is $1.02 and its 200 day moving average is $2.19. Spruce Biosciences has a twelve month low of $0.67 and a twelve month high of $5.95. The company has a quick ratio of 4.18, a current ratio of 4.67 and a debt-to-equity ratio of 0.02.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Wednesday, March 13th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.18. The company had revenue of $2.89 million for the quarter, compared to the consensus estimate of $1.65 million. Spruce Biosciences had a negative net margin of 461.67% and a negative return on equity of 57.53%. Research analysts anticipate that Spruce Biosciences will post -1.33 EPS for the current year.

Insider Transactions at Spruce Biosciences

In other news, major shareholder Holdings A/S Novo sold 359,979 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $0.73, for a total value 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 $2,200,965.33. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 3,114,315 shares of company stock valued at $2,613,101 over the last three months. Corporate insiders own 9.10% of the company’s stock.

Hedge Funds Weigh In On Spruce Biosciences

Institutional investors have recently bought and sold shares of the stock. Superstring Capital Management LP purchased a new position in Spruce Biosciences during the fourth quarter valued at $348,000. AWM Investment Company Inc. purchased a new position in Spruce Biosciences during the first quarter valued at $157,000. Worth Venture Partners LLC grew its stake in Spruce Biosciences by 8.8% during 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. Acadian Asset Management LLC purchased a new position in Spruce Biosciences during the first quarter valued at $289,000. Finally, AIGH Capital Management LLC grew its stake in Spruce Biosciences by 9.0% during 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. 91.71% of the stock is owned by hedge funds and other 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.