Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Up 22.7% in August

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 252,100 shares, an increase of 22.7% from the August 15th total of 205,400 shares. Based on an average daily volume of 427,200 shares, the short-interest ratio is currently 0.6 days.

Analysts Set New Price Targets

SPRB has been the topic of a number of research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $2.00 price objective on shares of Spruce Biosciences in a report on Tuesday, August 13th. Oppenheimer dropped their price target on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a research note on Thursday, June 13th. Finally, HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a report 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. According to data from MarketBeat.com, Spruce Biosciences presently has an average rating of “Hold” and a consensus price target of $5.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC lifted its holdings 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 purchasing an additional 999,166 shares in the last quarter. AIGH Capital Management LLC increased its holdings in shares of Spruce Biosciences by 75.4% in the fourth quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock valued at $6,223,000 after purchasing an additional 912,863 shares during the last quarter. Almitas Capital LLC purchased a new stake in Spruce Biosciences in the 2nd quarter valued at $205,000. Worth Venture Partners LLC boosted its position 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 valued at $1,544,000 after acquiring an additional 224,859 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new stake in shares of Spruce Biosciences in the first quarter valued at about $157,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

Spruce Biosciences Trading Up 1.5 %

SPRB traded up $0.01 on Monday, reaching $0.47. 6,072 shares of the company traded hands, compared to its average volume of 741,082. The company has a market cap of $19.51 million, a P/E ratio of -0.41 and a beta of 2.40. The company has a quick ratio of 5.17, a current ratio of 5.17 and a debt-to-equity ratio of 0.02. Spruce Biosciences has a one year low of $0.41 and a one year high of $5.95. The firm has a fifty day simple moving average of $0.49 and a two-hundred day simple moving average of $0.95.

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