Citizens Jmp Downgrades Spruce Biosciences (NASDAQ:SPRB) to Hold

Citizens Jmp downgraded shares of Spruce Biosciences (NASDAQ:SPRB) from a strong-buy rating to a hold rating in a report issued on Wednesday,Zacks.com reports.

Several other research firms have also commented on SPRB. Royal Bank of Canada reissued a “sector perform” rating and issued a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a research report on Wednesday. Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday. JMP Securities reaffirmed a “market perform” rating and set a $3.00 target price on shares of Spruce Biosciences in a research report on Wednesday. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Price Performance

NASDAQ:SPRB opened at $0.38 on Wednesday. The company has a market cap of $15.83 million, a price-to-earnings ratio of -0.41 and a beta of 2.34. Spruce Biosciences has a twelve month low of $0.37 and a twelve month high of $5.95. The stock has a fifty day simple moving average of $0.51 and a 200-day simple moving average of $0.52. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.80 million. Analysts anticipate that Spruce Biosciences will post -1.03 EPS for the current year.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors and hedge funds have recently modified their holdings of SPRB. Acadian Asset Management LLC grew its stake in shares of Spruce Biosciences by 270.9% during the 2nd 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. Renaissance Technologies LLC boosted its stake in shares of Spruce Biosciences by 35.1% during 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. Finally, Almitas Capital LLC acquired a new stake in shares of Spruce Biosciences during the 2nd quarter valued at about $205,000. Institutional investors and hedge funds 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.