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

Key Points

• Spruce Biosciences reported a quarterly loss of $6.68 per share, missing the consensus estimate of a $5.79 loss by $0.89.
• Shares were flat at $46.41, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $162.62.
• Institutional investors and hedge funds own 91.71% of the company, and Spruce is advancing tildacerfont as a potential treatment for congenital adrenal hyperplasia.

Spruce Biosciences (NASDAQ:SPRB - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.79) by ($0.89), FiscalAI reports.

Spruce Biosciences Price Performance

SPRB stock remained flat at $46.41 during midday trading on Wednesday. The company had a trading volume of 10,450 shares, compared to its average volume of 57,616. The business's fifty day moving average price is $48.44 and its two-hundred day moving average price is $57.55. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $127.63 million, a price-to-earnings ratio of -1.27 and a beta of 3.23. Spruce Biosciences has a 1 year low of $7.00 and a 1 year high of $240.00.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Guggenheim began coverage on shares of Spruce Biosciences in a research note on Tuesday, June 16th. They issued a "buy" rating and a $123.00 target price for the company. Citizens Jmp decreased their price target on shares of Spruce Biosciences from $170.00 to $150.00 and set a "market outperform" rating on the stock in a research note on Thursday, May 14th. B. Riley Financial assumed coverage on shares of Spruce Biosciences in a report on Monday, July 13th. They issued a "buy" rating and a $160.00 price target for the company. Oppenheimer restated an "outperform" rating on shares of Spruce Biosciences in a research report on Wednesday, May 27th. Finally, HC Wainwright reduced their price objective on Spruce Biosciences from $200.00 to $150.00 and set a "buy" rating on the stock in a report on Monday, June 1st. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $162.62.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SPRB. SkyView Investment Advisors LLC bought a new position in Spruce Biosciences in the fourth quarter valued at approximately $261,000. State Street Corp bought a new stake in shares of Spruce Biosciences during the 4th quarter valued at $558,000. Superstring Capital Management LP acquired a new position in shares of Spruce Biosciences in the 4th quarter valued at $1,057,000. Geode Capital Management LLC acquired a new position in shares of Spruce Biosciences in the 4th quarter valued at $1,109,000. Finally, Caligan Partners LP bought a new position in shares of Spruce Biosciences in the 4th quarter worth $1,787,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source