Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Update

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 285,200 shares, a decline of 20.8% from the September 30th total of 359,900 shares. Based on an average daily volume of 426,300 shares, the days-to-cover ratio is presently 0.7 days.

Hedge Funds Weigh In On Spruce Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of SPRB. Acadian Asset Management LLC boosted its holdings in shares of Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock worth $707,000 after purchasing an additional 999,166 shares in the last quarter. Almitas Capital LLC purchased a new position in shares of Spruce Biosciences in the 2nd quarter worth about $205,000. AWM Investment Company Inc. purchased a new position in shares of Spruce Biosciences in the 1st quarter worth about $157,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Spruce Biosciences by 35.1% in the 2nd 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. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SPRB shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a research note on Tuesday, August 13th. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.00.

Spruce Biosciences Price Performance

NASDAQ SPRB traded down $0.02 during trading on Friday, reaching $0.57. The company’s stock had a trading volume of 515,425 shares, compared to its average volume of 712,475. The stock has a market capitalization of $23.36 million, a PE ratio of -0.50 and a beta of 2.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.17 and a quick ratio of 5.17. The firm has a fifty day moving average of $0.47 and a 200 day moving average of $0.57. Spruce Biosciences has a one year low of $0.41 and a one year high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. Spruce Biosciences had a negative return on equity of 59.94% and a negative net margin of 450.38%. The firm had revenue of $1.61 million during the quarter, compared to analysts’ expectations of $1.55 million. Analysts expect that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

Spruce Biosciences Company Profile

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.