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

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant growth in short interest in August. As of August 15th, there was short interest totalling 205,400 shares, a growth of 52.1% from the July 31st total of 135,000 shares. Based on an average daily volume of 492,700 shares, the days-to-cover ratio is currently 0.4 days.

Spruce Biosciences Price Performance

Shares of NASDAQ SPRB remained flat at $0.46 during mid-day trading on Friday. The stock had a trading volume of 148,689 shares, compared to its average volume of 773,353. The stock has a 50 day moving average price of $0.51 and a 200-day moving average price of $1.33. The company has a quick ratio of 5.17, a current ratio of 5.17 and a debt-to-equity ratio of 0.02. The firm has a market cap of $19.12 million, a price-to-earnings ratio of -0.41 and a beta of 2.41. Spruce Biosciences has a 12 month low of $0.41 and a 12 month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. The business 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, sell-side analysts forecast that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SPRB shares. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $2.00 target price on shares of Spruce Biosciences in a research note on Tuesday, August 13th. Finally, Oppenheimer lowered their target price on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a report on Thursday, June 13th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.00.

Hedge Funds Weigh In On Spruce Biosciences

Several hedge funds have recently made changes to their positions in SPRB. Renaissance Technologies LLC grew its position in Spruce Biosciences by 35.1% during the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock worth $190,000 after buying an additional 95,100 shares in the last quarter. Superstring Capital Management LP purchased a new position in Spruce Biosciences during the fourth quarter worth about $348,000. AWM Investment Company Inc. purchased a new position in Spruce Biosciences during the first quarter worth about $157,000. Worth Venture Partners LLC grew its position in Spruce Biosciences by 74.4% during the fourth quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock worth $1,544,000 after buying an additional 224,859 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Spruce Biosciences during the first quarter worth about $289,000. 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.