Spruce Biosciences (NASDAQ:SPRB) Releases Quarterly Earnings Results, Misses Expectations By $0.89 EPS

Spruce Biosciences (NASDAQ:SPRB) announced its quarterly earnings data on Wednesday. The company reported ($6.68) EPS for the quarter, missing the consensus estimate of ($5.79) by ($0.89), FiscalAI reports.

Spruce Biosciences Price Performance

NASDAQ:SPRB traded down $0.65 during trading hours on Friday, reaching $49.12. The stock had a trading volume of 4,976 shares, compared to its average volume of 57,322. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.67 and a current ratio of 4.67. Spruce Biosciences has a 52 week low of $7.00 and a 52 week high of $240.00. The company has a 50 day moving average price of $48.33 and a two-hundred day moving average price of $57.06. The stock has a market capitalization of $135.09 million, a PE ratio of -1.23 and a beta of 3.23.

Institutional Investors Weigh In On Spruce Biosciences

Several large investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. purchased a new position in shares of Spruce Biosciences in the 4th quarter worth $3,484,000. Boothbay Fund Management LLC purchased a new stake in shares of Spruce Biosciences during the 4th quarter valued at about $4,175,000. ADAR1 Capital Management LLC bought a new position in shares of Spruce Biosciences in the 4th quarter valued at about $5,052,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Spruce Biosciences in the 4th quarter valued at about $2,157,000. Finally, ExodusPoint Capital Management LP purchased a new position in Spruce Biosciences in the fourth quarter worth about $2,201,000. Institutional investors own 91.71% of the company’s stock.

Wall Street Analyst Weigh In

SPRB has been the topic of a number of recent analyst reports. B. Riley Financial started coverage on Spruce Biosciences in a report on Monday, July 13th. They set a “buy” rating and a $160.00 price target on the stock. HC Wainwright cut their target price on Spruce Biosciences from $200.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Citigroup reissued a “market outperform” rating on shares of Spruce Biosciences in a research note on Thursday. JonesTrading initiated coverage on Spruce Biosciences in a report on Tuesday, June 9th. They issued a “buy” rating and a $135.00 price target on the stock. Finally, Craig Hallum started coverage on Spruce Biosciences in a research note on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Spruce Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.88.

About Spruce Biosciences

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.