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

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 176,800 shares, a decrease of 28.7% from the June 30th total of 248,100 shares. Based on an average daily trading volume, of 502,500 shares, the short-interest ratio is currently 0.4 days.

Spruce Biosciences Stock Performance

Shares of NASDAQ SPRB traded down $0.01 during mid-day trading on Monday, hitting $0.53. The stock had a trading volume of 316,406 shares, compared to its average volume of 831,662. The company has a 50 day moving average of $0.61 and a two-hundred day moving average of $1.77. The firm has a market cap of $21.86 million, a PE ratio of -0.47 and a beta of 2.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.67 and a current ratio of 4.67. Spruce Biosciences has a twelve month low of $0.50 and a twelve month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.04. The company had revenue of $2.00 million for the quarter, compared to the consensus estimate of $1.12 million. Spruce Biosciences had a negative return on equity of 57.53% and a negative net margin of 461.67%. Research analysts predict that Spruce Biosciences will post -1.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPRB has been the subject of a number of analyst reports. Oppenheimer lowered their target price on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a report on Thursday, June 13th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Wednesday, June 5th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Spruce Biosciences presently has a consensus rating of “Hold” and a consensus target price of $5.00.

Institutional Investors Weigh In On Spruce Biosciences

Several hedge funds have recently modified their holdings of the company. AWM Investment Company Inc. purchased a new stake in shares of Spruce Biosciences during the 1st quarter worth about $157,000. Acadian Asset Management LLC purchased a new stake in shares of Spruce Biosciences during the 1st quarter worth about $289,000. Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences during the 4th quarter worth about $348,000. AIGH Capital Management LLC boosted its stake in shares of Spruce Biosciences by 75.4% during the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after acquiring an additional 912,863 shares in the last quarter. Finally, Worth Venture Partners LLC boosted its stake in shares of Spruce Biosciences by 74.4% during the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock worth $1,544,000 after acquiring an additional 224,859 shares in the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

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.