Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Down 18.4% in October

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 232,800 shares, a drop of 18.4% from the October 15th total of 285,200 shares. Based on an average daily volume of 407,900 shares, the short-interest ratio is presently 0.6 days.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPRB. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $2.00 target price on shares of Spruce Biosciences in a research note on Tuesday, November 12th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.00.

Hedge Funds Weigh In On Spruce Biosciences

A number of institutional investors have recently added to or reduced their stakes in SPRB. Acadian Asset Management LLC bought a new stake in Spruce Biosciences in the first quarter valued at approximately $289,000. Almitas Capital LLC bought a new stake in shares of Spruce Biosciences during the 2nd quarter worth about $205,000. Renaissance Technologies LLC raised its holdings 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 acquiring an additional 95,100 shares during the period. Finally, AWM Investment Company Inc. acquired a new stake in Spruce Biosciences during the first quarter worth approximately $157,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Spruce Biosciences Trading Down 5.8 %

Shares of SPRB traded down $0.03 during midday trading on Friday, hitting $0.49. The stock had a trading volume of 312,177 shares, compared to its average volume of 400,894. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.17 and a current ratio of 5.36. The company has a 50 day simple moving average of $0.49 and a two-hundred day simple moving average of $0.56. Spruce Biosciences has a twelve month low of $0.41 and a twelve month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.06. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. The business had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $1.80 million. Analysts anticipate that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

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.