Royal Bank of Canada Cuts Spruce Biosciences (NASDAQ:SPRB) Price Target to $0.50

Spruce Biosciences (NASDAQ:SPRB) had its target price lowered by Royal Bank of Canada from $1.50 to $0.50 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Spruce Biosciences Price Performance

Shares of SPRB stock opened at $0.12 on Wednesday. Spruce Biosciences has a 1 year low of $0.11 and a 1 year high of $0.87. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average is $0.32 and its 200-day moving average is $0.41. The firm has a market capitalization of $4.90 million, a price-to-earnings ratio of -0.13 and a beta of 2.39.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Tuesday, April 15th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.37). The firm had revenue of $0.55 million for the quarter, compared to analyst estimates of $0.50 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. Sell-side analysts forecast that Spruce Biosciences will post -1 EPS for the current fiscal year.

Hedge Funds Weigh In On Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC bought a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned 0.70% of Spruce Biosciences at the end of the most recent quarter. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.