Spruce Biosciences (NASDAQ:SPRB) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Spruce Biosciences (NASDAQ:SPRB – Get Rating) in a research note published on Tuesday morning, TipRanks reports. HC Wainwright currently has a $20.00 target price on the stock.

A number of other research analysts have also issued reports on SPRB. LADENBURG THALM/SH SH assumed coverage on Spruce Biosciences in a report on Tuesday, March 8th. They issued a buy rating and a $6.00 target price on the stock. Royal Bank of Canada dropped their target price on Spruce Biosciences from $13.00 to $9.00 and set an outperform rating on the stock in a report on Tuesday, March 15th. Finally, SVB Leerink dropped their target price on Spruce Biosciences from $5.00 to $3.00 and set a market perform rating on the stock in a report on Wednesday, March 16th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Spruce Biosciences presently has an average rating of Moderate Buy and an average price target of $9.43.

Shares of SPRB opened at $1.82 on Tuesday. The stock has a 50-day simple moving average of $1.64 and a 200-day simple moving average of $2.29. The stock has a market capitalization of $42.76 million, a PE ratio of -0.97 and a beta of 2.47. Spruce Biosciences has a 1 year low of $1.25 and a 1 year high of $11.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 10.60 and a current ratio of 10.60.

Spruce Biosciences (NASDAQ:SPRB – Get Rating) last issued its quarterly earnings data on Wednesday, May 11th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.05). Analysts predict that Spruce Biosciences will post -2.3 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of SPRB. Marquette Asset Management LLC purchased a new stake in Spruce Biosciences during the fourth quarter worth $182,000. Acadian Asset Management LLC purchased a new stake in shares of Spruce Biosciences in the fourth quarter valued at $318,000. Bank of New York Mellon Corp lifted its position in shares of Spruce Biosciences by 317.7% in the first quarter. Bank of New York Mellon Corp now owns 116,501 shares of the company’s stock valued at $234,000 after acquiring an additional 88,608 shares in the last quarter. BlackRock Inc. lifted its position in shares of Spruce Biosciences by 26.0% in the first quarter. BlackRock Inc. now owns 529,554 shares of the company’s stock valued at $1,064,000 after acquiring an additional 109,226 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Spruce Biosciences by 180.7% in the first quarter. Renaissance Technologies LLC now owns 111,700 shares of the company’s stock valued at $225,000 after acquiring an additional 71,900 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

About Spruce Biosciences (Get Rating)

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 adult patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction and clinical consequences in adult patients with classic CAH that is Phase 2b clinical trial.

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