Spruce Biosciences, Inc. (NASDAQ:SPRB) Sees Significant Drop in Short Interest

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 232,800 shares, a decrease of 18.4% from the October 15th total of 285,200 shares. Based on an average trading volume of 407,900 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SPRB. Acadian Asset Management LLC bought a new stake in Spruce Biosciences during the first quarter worth approximately $289,000. Almitas Capital LLC bought a new stake in Spruce Biosciences in the 2nd quarter valued at $205,000. Renaissance Technologies LLC raised its position in Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after purchasing an additional 95,100 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new position in shares of Spruce Biosciences in the 1st quarter worth approximately $157,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SPRB shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday, November 12th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.00.

Spruce Biosciences Price Performance

NASDAQ:SPRB traded down $0.03 during trading hours on Friday, hitting $0.49. 312,177 shares of the company’s stock traded hands, compared to its average volume of 400,894. The company has a quick ratio of 5.17, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a twelve month low of $0.41 and a twelve month high of $5.95. The stock’s fifty day moving average price is $0.49 and its two-hundred day moving average price is $0.56.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The business had revenue of $0.60 million for the quarter, compared to the consensus estimate of $1.80 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. On average, sell-side analysts forecast that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

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.