Spruce Biosciences (NASDAQ:SPRB) Given “Market Perform” Rating at Oppenheimer

Oppenheimer reiterated their market perform rating on shares of Spruce Biosciences (NASDAQ:SPRB) in a research note published on Wednesday morning, MarketBeat.com reports.

SPRB has been the topic of several other research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday, November 12th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Nine equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Stock Performance

Spruce Biosciences stock opened at $0.43 on Wednesday. Spruce Biosciences has a 1-year low of $0.38 and a 1-year high of $5.95. The firm has a market cap of $17.76 million, a P/E ratio of -0.46 and a beta of 2.34. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $0.51 and a 200-day moving average of $0.52.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The business had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $1.80 million. Sell-side analysts expect that Spruce Biosciences will post -1.03 EPS for the current year.

Institutional Trading of Spruce Biosciences

A number of hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC increased its stake in shares of Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after acquiring an additional 95,100 shares in the last quarter. Almitas Capital LLC purchased a new stake in Spruce Biosciences in the second quarter worth about $205,000. Finally, Acadian Asset Management LLC grew its holdings 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 worth $707,000 after purchasing an additional 999,166 shares during the period. Institutional investors own 91.71% of the company’s stock.

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.