HC Wainwright Reaffirms Neutral Rating for Spruce Biosciences (NASDAQ:SPRB)

HC Wainwright reaffirmed their neutral rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a report published on Monday,Benzinga reports.

Several other equities analysts have also recently issued reports on the company. Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JMP Securities reissued a “market perform” rating and issued a $3.00 target price on shares of Spruce Biosciences in a report on Wednesday, December 11th. Royal Bank of Canada restated a “sector perform” rating and set a $1.50 price target (down previously from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Oppenheimer reiterated a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Finally, Guggenheim reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday, December 12th. Nine investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.90.

Spruce Biosciences Stock Performance

Shares of SPRB opened at $0.38 on Monday. The company’s 50 day simple moving average is $0.51 and its 200-day simple moving average is $0.51. The firm has a market cap of $15.78 million, a PE ratio of -0.41 and a beta of 2.34. Spruce Biosciences has a 12-month low of $0.37 and a 12-month high of $5.95. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The firm had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $1.80 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. As a group, equities analysts predict that Spruce Biosciences will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its holdings in Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after acquiring an additional 95,100 shares during the period. Almitas Capital LLC purchased a new position in shares of Spruce Biosciences in the 2nd quarter valued at about $205,000. Finally, Acadian Asset Management LLC increased its holdings in shares of Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after purchasing an additional 999,166 shares in the last quarter. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.