FY2024 EPS Forecast for Spruce Biosciences Lifted by Analyst

Spruce Biosciences, Inc. (NASDAQ:SPRB) – Analysts at Leerink Partnrs increased their FY2024 earnings per share (EPS) estimates for shares of Spruce Biosciences in a research report issued on Tuesday, December 10th. Leerink Partnrs analyst J. Schwartz now anticipates that the company will post earnings per share of ($0.95) for the year, up from their prior estimate of ($0.96). The consensus estimate for Spruce Biosciences’ current full-year earnings is ($1.03) per share. Leerink Partnrs also issued estimates for Spruce Biosciences’ Q4 2024 earnings at ($0.23) EPS.

Other research analysts also recently issued research reports about the company. JMP Securities reissued a “market perform” rating and issued a $3.00 target price on shares of Spruce Biosciences in a report on Wednesday. Guggenheim reissued a “neutral” rating on shares of Spruce Biosciences in a report on Thursday. Citizens Jmp lowered shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday. Finally, HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, August 19th. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Stock Performance

Spruce Biosciences stock opened at $0.38 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36. The stock has a market capitalization of $15.83 million, a PE ratio of -0.41 and a beta of 2.34. The business’s fifty day moving average is $0.51 and its 200 day moving average is $0.52. Spruce Biosciences has a one year low of $0.37 and a one year high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.06. The firm had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%.

Institutional Trading of Spruce Biosciences

Institutional investors have recently modified their holdings of the company. Almitas Capital LLC purchased a new stake in Spruce Biosciences during the 2nd quarter valued at about $205,000. Acadian Asset Management LLC increased its stake in shares of 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 acquiring an additional 999,166 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Spruce Biosciences by 35.1% during 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 during the last quarter. 91.71% of the stock is currently owned by institutional investors.

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.