Spruce Biosciences (NASDAQ:SPRB) Announces Earnings Results

Spruce Biosciences (NASDAQ:SPRB) announced its quarterly earnings data on Wednesday. The company reported ($8.94) EPS for the quarter, missing analysts’ consensus estimates of ($7.93) by ($1.01), Zacks reports.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock traded up $0.94 during trading on Wednesday, hitting $57.61. The company’s stock had a trading volume of 41,280 shares, compared to its average volume of 53,025. Spruce Biosciences has a 52 week low of $4.35 and a 52 week high of $240.00. The stock has a market cap of $78.93 million, a price-to-earnings ratio of -1.11 and a beta of 3.26. The stock has a 50-day moving average price of $61.12 and a two-hundred day moving average price of $78.38.

Analyst Ratings Changes

SPRB has been the topic of a number of analyst reports. Craig Hallum began coverage on Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 price target on the stock. Citizens Jmp reduced their price target on Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating for the company in a report on Tuesday, March 10th. Finally, HC Wainwright restated a “buy” rating and set a $200.00 price objective on shares of Spruce Biosciences in a research report on Tuesday, March 10th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $190.60.

Institutional Trading of Spruce Biosciences

Institutional investors have recently bought and sold shares of the company. SkyView Investment Advisors LLC acquired a new stake in shares of Spruce Biosciences in the 4th quarter worth about $261,000. Ikarian Capital LLC increased its stake in Spruce Biosciences by 810.3% in the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after buying an additional 108,024 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Spruce Biosciences in the 4th quarter valued at about $5,135,000. Squadron Capital Management LLC purchased a new stake in Spruce Biosciences in the 4th quarter valued at about $6,098,000. Finally, Superstring Capital Management LP purchased a new stake in Spruce Biosciences in the 4th quarter valued at about $1,057,000. Institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company’s lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.