Royal Bank of Canada Has Lowered Expectations for Spruce Biosciences (NASDAQ:SPRB) Stock Price

Spruce Biosciences (NASDAQ:SPRB) had its target price cut by Royal Bank of Canada from $1.50 to $0.50 in a report released on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Spruce Biosciences Trading Down 3.5 %

SPRB opened at $0.12 on Wednesday. Spruce Biosciences has a twelve month low of $0.11 and a twelve month high of $0.87. The firm has a market cap of $4.90 million, a PE ratio of -0.13 and a beta of 2.39. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.36 and a current ratio of 5.36. The firm’s fifty day moving average is $0.32 and its two-hundred day moving average is $0.41.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Tuesday, April 15th. The company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.37). Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The business had revenue of $0.55 million for the quarter, compared to analyst estimates of $0.50 million. Equities research analysts anticipate that Spruce Biosciences will post -1 EPS for the current year.

Institutional Trading of Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC acquired a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned approximately 0.70% of Spruce Biosciences as of its most recent SEC filing. Institutional investors and hedge funds own 91.71% of the company’s stock.

About Spruce Biosciences

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.