Analysts Set Spruce Biosciences, Inc. (NASDAQ:SPRB) Target Price at $2.17

Spruce Biosciences, Inc. (NASDAQ:SPRB) has earned a consensus recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold recommendation. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $2.17.

Separately, Royal Bank of Canada lowered their price objective on Spruce Biosciences from $1.50 to $0.50 and set a “sector perform” rating on the stock in a research report on Wednesday, April 16th.

Institutional Investors Weigh In On Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC purchased a new position in Spruce Biosciences, Inc. (NASDAQ:SPRB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned approximately 0.70% of Spruce Biosciences as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Stock Down 9.0%

SPRB stock opened at $0.07 on Friday. Spruce Biosciences has a fifty-two week low of $0.06 and a fifty-two week high of $0.84. The business’s 50 day moving average price is $0.22 and its two-hundred day moving average price is $0.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.36 and a current ratio of 5.36. The company has a market capitalization of $2.77 million, a price-to-earnings ratio of -0.07 and a beta of 2.49.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Tuesday, April 15th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.37). The company had revenue of $0.55 million during the quarter, compared to analysts’ expectations of $0.50 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. As a group, analysts forecast that Spruce Biosciences will post -1 earnings per share for the current fiscal year.

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.