Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Declines By 23.6%

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 135,000 shares, a decline of 23.6% from the July 15th total of 176,800 shares. Based on an average daily volume of 512,200 shares, the days-to-cover ratio is presently 0.3 days.

Spruce Biosciences Price Performance

Spruce Biosciences stock remained flat at $0.43 during midday trading on Wednesday. The company had a trading volume of 239,562 shares, compared to its average volume of 814,387. The company has a market cap of $17.78 million, a P/E ratio of -0.38 and a beta of 2.41. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95. The stock has a fifty day simple moving average of $0.56 and a two-hundred day simple moving average of $1.60. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 0.02.

Spruce Biosciences (NASDAQ:SPRB) last posted its earnings results on Monday, August 12th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. The business had revenue of $1.61 million for the quarter, compared to analysts’ expectations of $1.55 million. Spruce Biosciences had a negative net margin of 461.67% and a negative return on equity of 57.53%. On average, analysts expect that Spruce Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SPRB. Worth Venture Partners LLC increased its position in shares of Spruce Biosciences by 74.4% in the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock worth $1,544,000 after purchasing an additional 224,859 shares during the last quarter. AIGH Capital Management LLC increased its stake in Spruce Biosciences by 75.4% during 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 last quarter. Superstring Capital Management LP bought a new position in Spruce Biosciences in the fourth quarter worth about $348,000. Acadian Asset Management LLC bought a new stake in shares of Spruce Biosciences in the 1st quarter worth approximately $289,000. Finally, AWM Investment Company Inc. acquired a new stake in Spruce Biosciences in the first quarter worth $157,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SPRB. Royal Bank of Canada reiterated a “sector perform” rating and issued a $2.00 price target on shares of Spruce Biosciences in a research report on Tuesday. Oppenheimer reduced their target price on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research report on Thursday, June 13th. Finally, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Wednesday, June 5th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.00.

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.