Spruce Biosciences (NASDAQ:SPRB) Posts Quarterly Earnings Results, Misses Expectations By $0.42 EPS

Spruce Biosciences (NASDAQ:SPRB) released its quarterly earnings data on Thursday. The company reported ($9.58) EPS for the quarter, missing the consensus estimate of ($9.16) by ($0.42), Zacks reports.

Spruce Biosciences Trading Up 0.3%

SPRB traded up $0.16 on Friday, reaching $60.06. The stock had a trading volume of 30,028 shares, compared to its average volume of 52,180. The business’s 50-day moving average price is $70.13 and its two-hundred day moving average price is $76.10. The company has a market cap of $82.28 million, a P/E ratio of -1.16 and a beta of 3.62. Spruce Biosciences has a 12-month low of $4.28 and a 12-month high of $240.00.

Institutional Investors Weigh In On Spruce Biosciences

A number of institutional investors have recently modified their holdings of SPRB. Ikarian Capital LLC raised its holdings in shares of Spruce Biosciences by 810.3% during the fourth quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after acquiring an additional 108,024 shares during the last quarter. Squadron Capital Management LLC acquired a new stake in shares of Spruce Biosciences in the fourth quarter worth approximately $6,098,000. Wellington Management Group LLP acquired a new stake in shares of Spruce Biosciences in the fourth quarter worth approximately $5,135,000. ADAR1 Capital Management LLC purchased a new stake in shares of Spruce Biosciences during the fourth quarter worth approximately $5,052,000. Finally, Alyeska Investment Group L.P. acquired a new position in Spruce Biosciences in the 4th quarter valued at $4,501,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on SPRB shares. Oppenheimer started coverage on shares of Spruce Biosciences in a report on Tuesday, December 23rd. They issued an “outperform” rating and a $283.00 price target on the stock. Wall Street Zen cut Spruce Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Leerink Partners upgraded Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 target price on the stock in a research note on Wednesday, December 3rd. Citizens Jmp dropped their target price on Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating on the stock in a report on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and set a $200.00 price target on shares of Spruce Biosciences in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $170.10.

About Spruce Biosciences

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company’s lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.