Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Declines By 37.5%

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 265,800 shares, a decline of 37.5% from the February 28th total of 425,100 shares. Based on an average daily trading volume, of 391,300 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.7% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SPRB shares. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, December 16th. JMP Securities restated a “market perform” rating and issued a $3.00 target price on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Oppenheimer restated a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Finally, Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.50.

Institutional Investors Weigh In On Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC bought a new stake in Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned about 0.70% of Spruce Biosciences as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB traded down $0.02 on Friday, reaching $0.30. 339,878 shares of the company were exchanged, compared to its average volume of 482,764. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a 1-year low of $0.28 and a 1-year high of $0.87. The company has a 50-day moving average of $0.37 and a 200-day moving average of $0.43. The firm has a market cap of $12.19 million, a price-to-earnings ratio of -0.31 and a beta of 2.34.

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.