Spruce Biosciences, Inc. (NASDAQ:SPRB) Sees Large Decrease in Short Interest

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 107,100 shares, a decrease of 51.1% from the December 15th total of 219,000 shares. Based on an average daily trading volume, of 602,300 shares, the short-interest ratio is presently 0.2 days.

Institutional Investors Weigh In On Spruce Biosciences

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. JMP Securities reiterated a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a report on Wednesday, December 11th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, December 16th. Guggenheim reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $1.50 target price (down from $2.00) on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Finally, Oppenheimer reiterated a “market perform” rating 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 data from MarketBeat.com, Spruce Biosciences has a consensus rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Trading Down 4.0 %

Shares of NASDAQ SPRB opened at $0.36 on Tuesday. Spruce Biosciences has a 1 year low of $0.34 and a 1 year high of $5.95. 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 moving average of $0.46 and a 200 day moving average of $0.48. The stock has a market cap of $14.67 million, a P/E ratio of -0.38 and a beta of 2.38.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The firm had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. As a group, sell-side analysts expect that Spruce Biosciences will post -1.03 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.