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

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw 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 daily volume of 407,900 shares, the short-interest ratio is currently 0.6 days.

Hedge Funds Weigh In On Spruce Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AWM Investment Company Inc. bought a new stake in shares of Spruce Biosciences in the 1st quarter valued at approximately $157,000. Renaissance Technologies LLC lifted its stake 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 valued at $190,000 after purchasing an additional 95,100 shares during the last quarter. Almitas Capital LLC bought a new stake in shares of Spruce Biosciences in the 2nd quarter valued at approximately $205,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Spruce Biosciences in the 1st quarter valued at approximately $289,000. 91.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on SPRB. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $2.00 target price on shares of Spruce Biosciences in a report on Tuesday. 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.00.

Spruce Biosciences Stock Performance

SPRB traded down $0.03 during midday trading on Friday, reaching $0.49. The company had a trading volume of 311,474 shares, compared to its average volume of 687,269. The company has a quick ratio of 5.17, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $0.49 and a two-hundred day moving average of $0.56. The company has a market cap of $20.26 million, a P/E ratio of -0.55 and a beta of 2.36. Spruce Biosciences has a 1 year low of $0.41 and a 1 year high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The firm had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $1.80 million. As a group, equities research analysts predict that Spruce Biosciences will post -1.12 earnings per share 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.