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

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

Spruce Biosciences Stock Performance

NASDAQ SPRB remained flat at $46.41 on Wednesday. 10,450 shares of the company were exchanged, compared to its average volume of 57,616. The stock’s fifty day moving average price is $48.44 and its two-hundred day moving average price is $57.55. The firm has a market cap of $127.63 million, a price-to-earnings ratio of -1.27 and a beta of 3.23. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a 12-month low of $7.00 and a 12-month high of $240.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Cable Car Capital LP acquired a new stake in Spruce Biosciences in the 3rd quarter valued at approximately $239,000. SkyView Investment Advisors LLC acquired a new position in Spruce Biosciences during the 4th quarter worth approximately $261,000. State Street Corp acquired a new position in Spruce Biosciences during the 4th quarter worth approximately $558,000. Superstring Capital Management LP bought a new position in shares of Spruce Biosciences during the 4th quarter worth approximately $1,057,000. Finally, Geode Capital Management LLC bought a new position in shares of Spruce Biosciences during the 4th quarter worth approximately $1,109,000. 91.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPRB has been the topic of a number of recent analyst reports. Guggenheim started coverage on shares of Spruce Biosciences in a research report on Tuesday, June 16th. They set a “buy” rating and a $123.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday, June 5th. HC Wainwright dropped their price objective on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Oppenheimer reiterated an “outperform” rating on shares of Spruce Biosciences in a report on Wednesday, May 27th. Finally, Citizens Jmp decreased their target price on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating for the company in a research note on Thursday, May 14th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.62.

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.