Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives Consensus Rating of “Hold” from Brokerages

Spruce Biosciences, Inc. (NASDAQ:SPRB) has received a consensus rating of “Hold” from the eight ratings firms that are covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $5.67.

A number of analysts recently issued reports on SPRB shares. SVB Leerink lowered Spruce Biosciences from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $9.00 to $2.00 in a research note on Thursday, March 14th. LADENBURG THALM/SH SH lowered Spruce Biosciences from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday, March 14th. JMP Securities decreased their price objective on Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating on the stock in a research note on Thursday, March 14th. Finally, Leerink Partnrs lowered Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 14th.

Insiders Place Their Bets

In other Spruce Biosciences news, major shareholder Holdings A/S Novo sold 359,979 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $0.73, for a total value of $262,784.67. Following the transaction, the insider now directly owns 3,015,021 shares in the company, valued at approximately $2,200,965.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 3,114,315 shares of company stock worth $2,613,101 in the last ninety days. 9.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spruce Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of SPRB. HRT Financial LP purchased a new position in shares of Spruce Biosciences in the 1st quarter worth about $29,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Spruce Biosciences in the 2nd quarter worth about $33,000. Two Sigma Advisers LP purchased a new position in shares of Spruce Biosciences in the 1st quarter worth about $83,000. Dimensional Fund Advisors LP boosted its holdings in shares of Spruce Biosciences by 281.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 39,168 shares of the company’s stock worth $87,000 after purchasing an additional 28,907 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Spruce Biosciences by 39.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 59,609 shares of the company’s stock worth $104,000 after purchasing an additional 16,941 shares in the last quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Spruce Biosciences Price Performance

Shares of NASDAQ SPRB opened at $0.70 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.18 and a quick ratio of 4.18. Spruce Biosciences has a one year low of $0.68 and a one year high of $5.95. The stock has a market capitalization of $28.82 million, a PE ratio of -0.56 and a beta of 2.52. The business’s fifty day moving average price is $2.76 and its 200-day moving average price is $2.28.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.18. Spruce Biosciences had a negative return on equity of 52.31% and a negative net margin of 474.96%. The company had revenue of $2.89 million for the quarter, compared to analyst estimates of $1.65 million. On average, equities research analysts anticipate that Spruce Biosciences will post -1.33 EPS 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.