Spruce Biosciences’ (SPRB) Sector Perform Rating Reiterated at Royal Bank of Canada

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $1.50 price objective on the stock, down from their prior price objective of $2.00. Royal Bank of Canada’s target price would suggest a potential upside of 284.12% from the stock’s previous close.

Several other research analysts also recently weighed in on SPRB. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. JMP Securities reissued a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday. Finally, Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating, According to data from MarketBeat, Spruce Biosciences presently has an average rating of “Hold” and a consensus target price of $3.90.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB traded down $0.15 during midday trading on Wednesday, hitting $0.39. 3,796,666 shares of the stock were exchanged, compared to its average volume of 692,272. The stock has a market cap of $16.13 million, a P/E ratio of -0.42 and a beta of 2.34. 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 has a twelve month low of $0.38 and a twelve month high of $5.95. The company has a 50 day moving average price of $0.51 and a 200-day moving average price of $0.52.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The business had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. On average, research analysts forecast that Spruce Biosciences will post -1.03 earnings per share for the current year.

Institutional Trading of Spruce Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its holdings in Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after buying an additional 95,100 shares during the period. Almitas Capital LLC purchased a new stake in shares of Spruce Biosciences during the 2nd quarter worth about $205,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Spruce Biosciences by 270.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after purchasing an additional 999,166 shares during the period. Hedge funds and other institutional investors 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.