Leerink Partnrs Issues Optimistic Forecast for SPRB Earnings

Spruce Biosciences, Inc. (NASDAQ:SPRB) – Leerink Partnrs boosted their FY2024 earnings per share estimates for Spruce Biosciences in a report issued on Tuesday, December 10th. Leerink Partnrs analyst J. Schwartz now expects that the company will post earnings of ($0.95) per share for the year, up from their prior forecast 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.

SPRB has been the subject of a number of other reports. Citizens Jmp downgraded 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 report on Wednesday. JMP Securities restated a “market perform” rating and issued a $3.00 price target on shares of Spruce Biosciences in a report on Wednesday. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.90.

Spruce Biosciences Stock Down 9.9 %

Shares of SPRB stock opened at $0.39 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.36 and a current ratio of 5.36. Spruce Biosciences has a twelve month low of $0.38 and a twelve month high of $5.95. The business has a fifty day simple moving average of $0.51 and a 200 day simple moving average of $0.52.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping 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 net margin of 555.23% and a negative return on equity of 62.10%.

Institutional Trading of Spruce Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its stake in shares of Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after buying an additional 95,100 shares during the last quarter. Almitas Capital LLC purchased a new stake in shares of Spruce Biosciences during the second quarter worth about $205,000. Finally, Acadian Asset Management LLC grew its holdings in Spruce Biosciences by 270.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after buying an additional 999,166 shares in 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.