Market Analysts see Spruce Biosciences Inc. [SPRB] gaining to $15. Time to buy?

Spruce Biosciences Inc. [NASDAQ: SPRB] surged by $0.11 during the normal trading session on Monday and reaching a high of $2.87 during the day while it closed the day at $2.53. The company report on January 9, 2023 that Spruce Biosciences Provides Clinical Program Updates and Outlines Anticipated Milestones for 2023.

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Spruce Biosciences Inc. stock has also gained 130.54% of its value over the past 7 days. However, SPRB stock has inclined by 100.79% in the 3 months of the year. Over the past six months meanwhile, it has gained 36.76% and gained 130.54% year-on date.

The market cap for SPRB stock reached $30.84 million, with 23.56 million shares outstanding and 23.52 million shares in the current float. Compared to the average trading volume of 1.13M shares, SPRB reached a trading volume of 13173654 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Spruce Biosciences Inc. [SPRB]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SPRB shares is $8.29 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SPRB stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Oppenheimer have made an estimate for Spruce Biosciences Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on December 17, 2021. While these analysts kept the previous recommendation, The Benchmark Company raised their target price to Speculative Buy. The new note on the price target was released on December 10, 2021, representing the official price target for Spruce Biosciences Inc. stock.

The Average True Range (ATR) for Spruce Biosciences Inc. is set at 0.27 The Price to Book ratio for the last quarter was 0.76, with the Price to Cash per share for the same quarter was set at 7.42.

SPRB stock trade performance evaluation

Spruce Biosciences Inc. [SPRB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 130.54. With this latest performance, SPRB shares gained by 145.63% in over the last four-week period, additionally plugging by 36.76% over the last 6 months – not to mention a drop of -37.38% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SPRB stock in for the last two-week period is set at 90.50, with the RSI for the last a single of trading hit 95.42, and the three-weeks RSI is set at 84.75 for Spruce Biosciences Inc. [SPRB]. The present Moving Average for the last 50 days of trading for this stock 1.14, while it was recorded at 1.72 for the last single week of trading, and 1.58 for the last 200 days.

Spruce Biosciences Inc. [SPRB]: An insightful look at the core fundamentals

Return on Equity for this stock declined to -32.43, with Return on Assets sitting at -29.23.

Spruce Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.80 and a Current Ratio set at 7.80.

Spruce Biosciences Inc. [SPRB]: Insider Ownership positions

There are presently around $46 million, or 85.20% of SPRB stock, in the hands of institutional investors. The top three institutional holders of SPRB stocks are: NOVO HOLDINGS A/S with ownership of 4,514,336, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; OMEGA FUND MANAGEMENT, LLC, holding 2,161,022 shares of the stock with an approximate value of $5.47 million in SPRB stocks shares; and RIVERVEST VENTURE MANAGEMENT LLC, currently with $5.43 million in SPRB stock with ownership of nearly 0% of the company’s market capitalization.

Positions in Spruce Biosciences Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 11 institutional holders increased their position in Spruce Biosciences Inc. [NASDAQ:SPRB] by around 1,847,203 shares. Additionally, 15 investors decreased positions by around 212,261 shares, while 16 investors held positions by with 16,007,163 shares. The mentioned changes placed institutional holdings at 18,066,627 shares, according to the latest SEC report filing. SPRB stock had 4 new institutional investments in for a total of 1,826,573 shares, while 5 institutional investors sold positions of 16,995 shares during the same period.


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