Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Down 37.5% in March

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 265,800 shares, a drop of 37.5% from the February 28th total of 425,100 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 391,300 shares, the short-interest ratio is currently 0.7 days.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPRB shares. JMP Securities restated a “market perform” rating and set a $3.00 price target on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $1.50 target price (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Citizens Jmp downgraded shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Guggenheim restated a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday, December 12th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, December 16th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $2.50.

Spruce Biosciences Price Performance

NASDAQ:SPRB traded down $0.01 during trading hours on Monday, reaching $0.29. The company had a trading volume of 84,177 shares, compared to its average volume of 481,198. The firm has a market capitalization of $11.98 million, a PE ratio of -0.31 and a beta of 2.34. The stock has a 50-day moving average of $0.37 and a two-hundred day moving average of $0.43. Spruce Biosciences has a one year low of $0.28 and a one year high of $0.87. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 0.01.

Institutional Investors Weigh In On Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC acquired a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned approximately 0.70% of Spruce Biosciences at the end of the most recent quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.