Spruce Biosciences (NASDAQ:SPRB) Announces Quarterly Earnings Results

Spruce Biosciences (NASDAQ:SPRB) announced its quarterly earnings data on Wednesday. The company reported ($6.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.79) by ($0.89), FiscalAI reports.

Spruce Biosciences Price Performance

SPRB stock traded down $0.03 during midday trading on Wednesday, reaching $46.38. 13,280 shares of the company’s stock traded hands, compared to its average volume of 57,620. The company has a 50-day simple moving average of $48.44 and a two-hundred day simple moving average of $57.55. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.16. Spruce Biosciences has a 1-year low of $7.00 and a 1-year high of $240.00. The company has a market cap of $127.55 million, a price-to-earnings ratio of -1.27 and a beta of 3.23.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Cable Car Capital LP acquired a new position in Spruce Biosciences during the 3rd quarter worth about $239,000. SkyView Investment Advisors LLC bought a new position in shares of Spruce Biosciences in the fourth quarter worth about $261,000. State Street Corp bought a new position in shares of Spruce Biosciences in the fourth quarter worth about $558,000. Superstring Capital Management LP acquired a new position in Spruce Biosciences during the 4th quarter worth $1,057,000. Finally, Geode Capital Management LLC bought a new stake in shares of Spruce Biosciences during the fourth quarter worth $1,109,000. 91.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on SPRB shares. Guggenheim assumed coverage on shares of Spruce Biosciences in a research report on Tuesday, June 16th. They issued a “buy” rating and a $123.00 price target for the company. Citizens Jmp lowered their price objective on Spruce Biosciences from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 14th. JonesTrading initiated coverage on Spruce Biosciences in a report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Spruce Biosciences in a research report on Friday, June 5th. Finally, Craig Hallum started coverage on Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 price target on the stock. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Spruce Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $162.62.

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.