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

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 107,100 shares, a decrease of 51.1% from the December 31st total of 219,000 shares. Based on an average daily volume of 602,300 shares, the days-to-cover ratio is presently 0.2 days.

Spruce Biosciences Stock Down 2.9 %

NASDAQ:SPRB traded down $0.01 during trading hours on Wednesday, reaching $0.37. The company’s stock had a trading volume of 431,491 shares, compared to its average volume of 521,216. Spruce Biosciences has a one year low of $0.34 and a one year high of $5.95. The company has a market cap of $15.23 million, a price-to-earnings ratio of -0.39 and a beta of 2.38. The business’s 50-day moving average is $0.43 and its 200-day moving average is $0.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. The business had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. Equities research analysts predict that Spruce Biosciences will post -1 EPS for the current year.

Institutional Trading of Spruce Biosciences

An institutional investor recently raised its position in Spruce Biosciences stock. Renaissance Technologies LLC lifted its stake in Spruce Biosciences, Inc. (NASDAQ:SPRB) by 35.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 366,100 shares of the company’s stock after acquiring an additional 95,100 shares during the quarter. Renaissance Technologies LLC owned 0.89% of Spruce Biosciences worth $190,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 91.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Guggenheim reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Thursday, December 12th. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday, December 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $1.50 target price (down previously from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Citizens Jmp lowered shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Finally, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a report on Monday, December 16th. Nine research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.90.

About Spruce Biosciences

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.