Shares of Spruce Biosciences, Inc. (NASDAQ:SPRB – Get Free Report) have received an average rating of “Hold” from the eight research firms that are currently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $5.00.
A number of brokerages have commented on SPRB. Royal Bank of Canada restated a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a research report on Tuesday, August 13th. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th.
View Our Latest Stock Report on SPRB
Spruce Biosciences Stock Up 1.4 %
Spruce Biosciences (NASDAQ:SPRB – Get Free Report) last released its earnings results on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.10. Spruce Biosciences had a negative return on equity of 59.94% and a negative net margin of 450.38%. The company had revenue of $1.61 million during the quarter, compared to analyst estimates of $1.55 million. As a group, research analysts expect that Spruce Biosciences will post -1.12 earnings per share for the current year.
Hedge Funds Weigh In On Spruce Biosciences
A number of hedge funds have recently added to or reduced their stakes in SPRB. Acadian Asset Management LLC lifted its stake in Spruce Biosciences by 270.9% in the second 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 bought a new position in shares of Spruce Biosciences during the 2nd quarter valued at $205,000. AWM Investment Company Inc. acquired a new stake in shares of Spruce Biosciences in the 1st quarter valued at $157,000. Finally, Renaissance Technologies LLC boosted its holdings in Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after purchasing an additional 95,100 shares in the last quarter. 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.
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