Spruce Biosciences (NASDAQ:SPRB) Stock Crosses Below 50-Day Moving Average on Disappointing Earnings

Key Points

• Spruce Biosciences missed quarterly earnings expectations: EPS was a loss of $8.51, versus analysts’ expected loss of $5.68.
• Shares fell below the 50-day moving average of $48.03, trading as low as $44.74; the stock was last reported at $46.67.
• Analyst sentiment remained broadly positive, with 11 Buy ratings and one Sell rating and an average price target of $158.33.

Spruce Biosciences, Inc. (NASDAQ:SPRB - Get Free Report) shares crossed below its 50 day moving average during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock has a 50 day moving average of $48.03 and traded as low as $44.74. Spruce Biosciences shares last traded at $46.67, with a volume of 72,483 shares changing hands.

The company reported ($8.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($5.68) by ($2.83).

Analyst Upgrades and Downgrades

SPRB has been the topic of several recent analyst reports. The Goldman Sachs Group raised Spruce Biosciences to an "overweight" rating in a research report on Thursday, August 13th. Guggenheim reiterated a "buy" rating and issued a $104.00 price target (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th. B. Riley Financial initiated coverage on Spruce Biosciences in a report on Monday, July 13th. They issued a "buy" rating and a $160.00 price target for the company. HC Wainwright restated a "buy" rating on shares of Spruce Biosciences in a research note on Wednesday, August 26th. Finally, Weiss Ratings upgraded shares of Spruce Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, October 6th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Spruce Biosciences presently has an average rating of "Moderate Buy" and an average target price of $158.33.

Institutional Trading of Spruce Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SkyView Investment Advisors LLC purchased a new stake in Spruce Biosciences during the 2nd quarter valued at about $162,000. Pale Fire Capital SE acquired a new stake in shares of Spruce Biosciences during the second quarter worth about $206,000. AWM Investment Company Inc. acquired a new stake in shares of Spruce Biosciences during the second quarter worth about $7,937,000. Bank of New York Mellon Corp acquired a new stake in shares of Spruce Biosciences during the second quarter worth about $366,000. Finally, Stempoint Capital LP purchased a new stake in Spruce Biosciences in the first quarter valued at approximately $416,000. Institutional investors and hedge funds own 91.71% of the company's stock.

Spruce Biosciences Trading Down 5.4%

The stock has a 50-day moving average of $48.03 and a 200 day moving average of $54.87. The stock has a market cap of $133.94 million, a PE ratio of -1.38 and a beta of 3.57. The company has a quick ratio of 9.23, a current ratio of 9.23 and a debt-to-equity ratio of 0.05.

About Spruce Biosciences

Spruce Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing medicines for rare endocrine disorders. The company's research is centered on conditions in which abnormal hormone production or regulation creates significant health risks and limited treatment options. Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 receptor antagonist. Spruce has studied tildacerfont as a potential treatment for congenital adrenal hyperplasia, a rare genetic disorder affecting the adrenal glands, and has evaluated its ability to reduce hormone imbalances associated with the disease.

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