Spruce Biosciences (NASDAQ:SPRB) Releases Quarterly Earnings Results, Beats Estimates By $0.98 EPS

Spruce Biosciences (NASDAQ:SPRB) issued its quarterly earnings results on Monday. The company reported ($14.58) EPS for the quarter, beating analysts’ consensus estimates of ($15.56) by $0.98, Zacks reports.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB traded down $11.39 during trading on Monday, hitting $115.61. 308,220 shares of the company were exchanged, compared to its average volume of 158,018. Spruce Biosciences has a 52-week low of $4.28 and a 52-week high of $240.00. The stock has a 50 day moving average of $73.81 and a 200 day moving average of $30.29. The company has a market cap of $57.81 million, a PE ratio of -1.34 and a beta of 3.22.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SPRB. Citigroup upgraded Spruce Biosciences to an “outperform” rating in a research note on Tuesday, October 28th. Zacks Research downgraded shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. JMP Securities set a $254.00 price objective on shares of Spruce Biosciences and gave the stock a “market outperform” rating in a research report on Tuesday, October 28th. Leerink Partners set a $160.00 target price on shares of Spruce Biosciences and gave the company a “market perform” rating in a research report on Tuesday, October 21st. Finally, Citizens Jmp raised shares of Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $254.00 price target on the stock in a report on Tuesday, October 28th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $176.38.

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.