Almitas Capital LLC Makes New $205,000 Investment in Spruce Biosciences, Inc. (NASDAQ:SPRB)

Almitas Capital LLC bought a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 396,506 shares of the company’s stock, valued at approximately $205,000. Almitas Capital LLC owned approximately 0.96% of Spruce Biosciences as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Renaissance Technologies LLC grew its stake in Spruce Biosciences by 35.1% during the 2nd 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 in the last quarter. Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences in the fourth quarter valued at approximately $348,000. AWM Investment Company Inc. acquired a new stake in shares of Spruce Biosciences in the first quarter valued at approximately $157,000. Finally, Acadian Asset Management LLC purchased a new position in Spruce Biosciences during the first quarter worth approximately $289,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on SPRB. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Oppenheimer lowered their price target on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research report on Thursday, June 13th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a research report on Tuesday, August 13th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.00.

Spruce Biosciences Price Performance

Shares of SPRB opened at $0.44 on Friday. The firm has a market cap of $18.17 million, a P/E ratio of -0.39 and a beta of 2.40. Spruce Biosciences, Inc. has a 12-month low of $0.41 and a 12-month high of $5.95. The company’s 50-day moving average price is $0.47 and its 200 day moving average price is $0.65. The company has a current ratio of 5.17, a quick ratio of 5.17 and a debt-to-equity ratio of 0.02.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $0.10. The firm had revenue of $1.61 million for the quarter, compared to analyst estimates of $1.55 million. Spruce Biosciences had a negative net margin of 450.38% and a negative return on equity of 59.94%. On average, sell-side analysts forecast that Spruce Biosciences, Inc. will post -1.12 earnings per share for the current year.

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.