Published on 23 Mar 2024 on Simply Wall St. via Yahoo Finance

Revenue Downgrade: Here's What Analysts Forecast For Spruce Biosciences, Inc. (NASDAQ:SPRB)

The latest analyst coverage could presage a bad day for Spruce Biosciences, Inc. (NASDAQ:SPRB), with the analysts making across-the-board cuts to their statutory estimates that might leave shareholders a little shell-shocked. Revenue estimates were cut sharply as analysts signalled a weaker outlook - perhaps a sign that investors should temper their expectations as well.

Following the latest downgrade, the seven analysts covering Spruce Biosciences provided consensus estimates of US$4.6m revenue in 2024, which would reflect a stressful 54% decline on its sales over the past 12 months. Prior to the latest estimates, the analysts were forecasting revenues of US$5.3m in 2024. The consensus view seems to have become more pessimistic on Spruce Biosciences, noting the substantial drop in revenue estimates in this update.