Spruce Biosciences, Inc. (NASDAQ:SPRB) Receives $5.67 Consensus Target Price from Brokerages

Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) have received a consensus recommendation of “Hold” from the eight brokerages that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $5.67.

SPRB has been the subject of a number of research reports. LADENBURG THALM/SH SH downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. SVB Leerink downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $9.00 to $2.00 in a research note on Thursday, March 14th. Leerink Partnrs downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 14th. Royal Bank of Canada downgraded shares of Spruce Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $9.00 to $2.00 in a research note on Thursday, March 14th. Finally, JMP Securities decreased their target price on shares of Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating for the company in a research note on Thursday, March 14th.

Insider Activity at Spruce Biosciences

In related news, major shareholder Holdings A/S Novo sold 842,020 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $0.77, for a total transaction of $648,355.40. Following the completion of the sale, the insider now owns 3,968,000 shares of the company’s stock, valued at $3,055,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 3,114,315 shares of company stock valued at $2,613,101 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in shares of Spruce Biosciences by 317.7% during the 1st quarter. Bank of New York Mellon Corp now owns 116,501 shares of the company’s stock valued at $234,000 after purchasing an additional 88,608 shares during the period. BlackRock Inc. boosted its stake in shares of Spruce Biosciences by 26.0% during the first quarter. BlackRock Inc. now owns 529,554 shares of the company’s stock valued at $1,064,000 after purchasing an additional 109,226 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Spruce Biosciences by 180.7% during the first quarter. Renaissance Technologies LLC now owns 111,700 shares of the company’s stock valued at $225,000 after purchasing an additional 71,900 shares in the last quarter. State Street Corp lifted its position in Spruce Biosciences by 61.8% during the first quarter. State Street Corp now owns 205,459 shares of the company’s stock valued at $413,000 after acquiring an additional 78,490 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in Spruce Biosciences during the second quarter valued at approximately $331,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Stock Performance

Spruce Biosciences stock opened at $0.79 on Tuesday. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average of $3.59 and a 200-day moving average of $2.46. The firm has a market cap of $32.34 million, a P/E ratio of -0.63 and a beta of 2.68. Spruce Biosciences has a 1-year low of $0.68 and a 1-year high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Wednesday, March 13th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.18. Spruce Biosciences had a negative net margin of 474.96% and a negative return on equity of 52.31%. The company had revenue of $2.89 million during the quarter, compared to analyst estimates of $1.65 million. Sell-side analysts expect 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.