Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Up 202.0% in June

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 121,700 shares, a growth of 202.0% from the May 31st total of 40,300 shares. Based on an average daily trading volume, of 700,000 shares, the short-interest ratio is currently 0.2 days.

Spruce Biosciences Price Performance

SPRB traded down $0.01 during midday trading on Friday, reaching $0.52. 535,517 shares of the company’s stock were exchanged, compared to its average volume of 900,285. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.67 and a quick ratio of 4.67. The stock has a market capitalization of $21.30 million, a PE ratio of -0.47 and a beta of 2.49. The business’s 50-day moving average price is $0.70 and its 200 day moving average price is $2.05. Spruce Biosciences has a 1-year low of $0.50 and a 1-year high of $5.95.

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

Wall Street Analysts Forecast Growth

SPRB has been the topic of several research reports. SVB Leerink downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. Royal Bank of Canada downgraded shares of Spruce Biosciences from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. LADENBURG THALM/SH SH downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Leerink Partnrs downgraded shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a report on Thursday, March 14th. Finally, Guggenheim downgraded shares of Spruce Biosciences from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $5.00.

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Worth Venture Partners LLC grew its holdings in Spruce Biosciences by 8.8% in the third quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock valued at $683,000 after purchasing an additional 24,450 shares during the period. Superstring Capital Management LP purchased a new stake in Spruce Biosciences in the fourth quarter valued at approximately $348,000. AWM Investment Company Inc. purchased a new stake in Spruce Biosciences in the first quarter valued at approximately $157,000. Acadian Asset Management LLC purchased a new stake in Spruce Biosciences in the first quarter valued at approximately $289,000. Finally, AIGH Capital Management LLC grew its holdings in 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 period. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.