Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Up 81.4% in February

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant increase in short interest in February. As of February 15th, there was short interest totalling 447,300 shares, an increase of 81.4% from the January 31st total of 246,600 shares. Based on an average daily volume of 592,800 shares, the days-to-cover ratio is presently 0.8 days.

Spruce Biosciences Stock Performance

Spruce Biosciences stock traded up $0.01 during mid-day trading on Friday, hitting $0.39. 178,001 shares of the company’s stock traded hands, compared to its average volume of 457,595. 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 firm has a 50 day simple moving average of $0.39 and a two-hundred day simple moving average of $0.45. Spruce Biosciences has a fifty-two week low of $0.34 and a fifty-two week high of $5.95. The stock has a market cap of $16.07 million, a price-to-earnings ratio of -0.41 and a beta of 2.37.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC acquired a new stake in Spruce Biosciences, Inc. (NASDAQ:SPRB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned 0.70% of Spruce Biosciences as of its most recent SEC filing. 91.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on SPRB. Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $1.50 target price (down previously from $2.00) on shares of Spruce Biosciences in a research report on Wednesday, December 11th. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, December 16th. JMP Securities restated a “market perform” rating and set a $3.00 price objective on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Nine research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.38.

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.