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

Spruce Biosciences, Inc. (NASDAQ:SPRB)’s stock price crossed below its 50 day moving average during trading on Tuesday following a dissappointing earnings announcement. 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 for the quarter, missing analysts’ consensus estimates of ($5.68) by ($2.83).

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen downgraded Spruce Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Guggenheim reissued a “buy” rating and issued a $104.00 price objective (down from $123.00) on shares of Spruce Biosciences in a report on Monday, August 17th. Lake Street Capital began coverage on Spruce Biosciences in a research note on Thursday, September 17th. They issued a “buy” rating and a $149.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Spruce Biosciences in a report on Wednesday, August 26th. Finally, B. Riley Financial began coverage on Spruce Biosciences in a research report on Monday, July 13th. They set a “buy” rating and a $160.00 price target for the company. Eleven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $158.33.

Institutional Trading of Spruce Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPRB. SkyView Investment Advisors LLC acquired a new stake in Spruce Biosciences during the second quarter valued at $162,000. Pale Fire Capital SE acquired a new position in shares of Spruce Biosciences in the second quarter worth about $206,000. Stempoint Capital LP acquired a new position in shares of Spruce Biosciences in the first quarter worth about $416,000. Bank of New York Mellon Corp acquired a new position in shares of Spruce Biosciences in the second quarter worth about $366,000. Finally, ADAR1 Capital Management LLC boosted its stake in shares of Spruce Biosciences by 1.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock worth $3,830,000 after acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.23 and a current ratio of 9.23. The firm has a market capitalization of $133.94 million, a PE ratio of -1.38 and a beta of 3.57. The firm’s 50 day moving average price is $48.03 and its 200-day moving average price is $54.87.

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.