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

Royal Bank of Canada restated their sector perform rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a research report released on Tuesday,Benzinga reports. The brokerage currently has a $2.00 price objective on the stock.

Separately, HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spruce Biosciences has an average rating of “Hold” and an average price target of $5.00.

Spruce Biosciences Price Performance

Shares of NASDAQ SPRB opened at $0.52 on Tuesday. The firm has a market capitalization of $21.52 million, a P/E ratio of -0.55 and a beta of 2.36. The company has a quick ratio of 5.17, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $0.49 and its two-hundred day simple moving average is $0.56. Spruce Biosciences has a twelve month low of $0.41 and a twelve month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its 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 business had revenue of $0.60 million for the quarter, compared to analyst estimates of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. As a group, equities analysts anticipate that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. bought a new position in Spruce Biosciences during the 1st quarter worth approximately $157,000. Renaissance Technologies LLC lifted 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 worth $190,000 after buying an additional 95,100 shares during the period. Acadian Asset Management LLC purchased a new stake in Spruce Biosciences in the 1st quarter worth approximately $289,000. Finally, Almitas Capital LLC purchased a new stake in Spruce Biosciences in the 2nd quarter worth approximately $205,000. 91.71% of the stock is currently owned by institutional investors.

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.