Royal Bank of Canada Reiterates “Sector Perform” Rating for Spruce Biosciences (NASDAQ:SPRB)

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

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

Spruce Biosciences Stock Performance

Shares of NASDAQ SPRB opened at $0.49 on Tuesday. The company has a current ratio of 5.36, a quick ratio of 5.17 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $0.49 and a 200-day simple moving average of $0.56. The company has a market cap of $20.26 million, a PE ratio of -0.52 and a beta of 2.36. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last released 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 firm had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. On average, equities research analysts forecast that Spruce Biosciences will post -1.12 EPS for the current year.

Institutional Investors Weigh In On Spruce Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC lifted its position 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 valued at $707,000 after acquiring an additional 999,166 shares during the last quarter. Almitas Capital LLC acquired a new stake in Spruce Biosciences during the 2nd quarter valued at $205,000. Renaissance Technologies LLC raised its stake in Spruce Biosciences by 35.1% during the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after purchasing an additional 95,100 shares during the period. Finally, AWM Investment Company Inc. acquired a new stake in Spruce Biosciences during the 1st quarter valued at $157,000. 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.