Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Drops By 51.1%

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the recipient of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 107,100 shares, a decline of 51.1% from the December 15th 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 Price Performance

Shares of SPRB stock traded up $0.01 during mid-day trading on Thursday, reaching $0.38. The stock had a trading volume of 158,427 shares, compared to its average volume of 719,088. Spruce Biosciences has a 12-month low of $0.34 and a 12-month high of $5.95. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $0.46 and a 200 day simple moving average of $0.48. The company has a market cap of $15.82 million, a P/E ratio of -0.41 and a beta of 2.38.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The company had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. On average, sell-side analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Citizens Jmp cut shares of Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JMP Securities reissued a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Guggenheim reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $1.50 price objective (down from $2.00) on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, According to MarketBeat, Spruce Biosciences presently has an average rating of “Hold” and an average price target of $3.90.

Institutional Investors Weigh In On Spruce Biosciences

Several hedge funds have recently modified their holdings of the company. Almitas Capital LLC acquired a new stake in Spruce Biosciences during the second quarter worth about $205,000. Acadian Asset Management LLC boosted its stake in Spruce Biosciences by 270.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after purchasing an additional 999,166 shares during the period. Finally, Renaissance Technologies LLC grew its position in Spruce Biosciences by 35.1% in the 2nd quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after buying an additional 95,100 shares in the last quarter. 91.71% of the stock is owned by institutional investors and hedge funds.

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.