Spruce Biosciences (NASDAQ:SPRB) Announces Quarterly Earnings Results, Misses Estimates By $1.01 EPS

Spruce Biosciences (NASDAQ:SPRB) released its quarterly earnings data on Wednesday. The company reported ($8.94) EPS for the quarter, missing the consensus estimate of ($7.93) by ($1.01), Zacks reports.

Spruce Biosciences Trading Up 1.7%

Shares of Spruce Biosciences stock traded up $0.94 on Wednesday, hitting $57.61. 41,280 shares of the company traded hands, compared to its average volume of 53,025. The firm’s 50-day simple moving average is $61.12 and its 200 day simple moving average is $78.38. The company has a market cap of $78.93 million, a P/E ratio of -1.11 and a beta of 3.26. Spruce Biosciences has a 12-month low of $4.35 and a 12-month high of $240.00.

Wall Street Analyst Weigh In

Several research analysts recently commented on SPRB shares. Citizens Jmp cut their price objective on shares of Spruce Biosciences from $180.00 to $170.00 and set a “market outperform” rating for the company in a report on Tuesday, March 10th. HC Wainwright reissued a “buy” rating and issued a $200.00 price target on shares of Spruce Biosciences in a report on Tuesday, March 10th. Finally, Craig Hallum started coverage on shares of Spruce Biosciences in a report on Monday, April 27th. They issued a “buy” rating and a $140.00 price target for the company. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $190.60.

Institutional Trading of Spruce Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ikarian Capital LLC raised its position in shares of Spruce Biosciences by 810.3% during the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after buying an additional 108,024 shares in the last quarter. Squadron Capital Management LLC purchased a new stake in shares of Spruce Biosciences during the 4th quarter valued at $6,098,000. Wellington Management Group LLP purchased a new stake in shares of Spruce Biosciences during the 4th quarter valued at $5,135,000. ADAR1 Capital Management LLC purchased a new position in Spruce Biosciences in the 4th quarter worth $5,052,000. Finally, Alyeska Investment Group L.P. purchased a new position in Spruce Biosciences in the 4th quarter worth $4,501,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Company Profile

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.