Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Up 613.4% in December

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant increase in short interest in December. As of December 15th, there was short interest totalling 219,000 shares, an increase of 613.4% from the November 30th total of 30,700 shares. Based on an average daily volume of 565,600 shares, the days-to-cover ratio is presently 0.4 days.

Spruce Biosciences Price Performance

NASDAQ SPRB traded up $0.01 during trading hours on Thursday, hitting $0.40. 267,389 shares of the company’s stock traded hands, compared to its average volume of 692,822. Spruce Biosciences has a 52-week low of $0.37 and a 52-week high of $5.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36. The company has a market capitalization of $16.67 million, a PE ratio of -0.43 and a beta of 2.34. The firm’s 50-day moving average is $0.50 and its 200-day moving average is $0.50.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating 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 company had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. Equities analysts forecast that Spruce Biosciences will post -1.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on SPRB. Guggenheim reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Citizens Jmp downgraded Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, December 16th. Finally, JMP Securities reissued a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a report on Wednesday, December 11th. Nine investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Spruce Biosciences currently has a consensus rating of “Hold” and an average price target of $3.90.

Hedge Funds Weigh In On Spruce Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPRB. Almitas Capital LLC acquired a new stake in shares of Spruce Biosciences in the second quarter valued at $205,000. Acadian Asset Management LLC increased its position in Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after acquiring an additional 999,166 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after acquiring an additional 95,100 shares during the period. Hedge funds and other institutional investors own 91.71% of the company’s stock.

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.