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

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Spruce Biosciences stock. Renaissance Technologies LLC boosted its holdings in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) by 35.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 366,100 shares of the company’s stock after buying an additional 95,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.89% of Spruce Biosciences worth $190,000 at the end of the most recent quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SPRB. Oppenheimer restated a “market perform” rating 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 target price (down previously from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. JMP Securities restated a “market perform” rating and issued a $3.00 price target on shares of Spruce Biosciences in a research report on Wednesday, December 11th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Monday, December 16th. Finally, Guggenheim reiterated a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.90.

Spruce Biosciences Stock Down 2.9 %

NASDAQ:SPRB traded down $0.01 during trading hours on Wednesday, hitting $0.37. 431,491 shares of the stock traded hands, compared to its average volume of 521,216. Spruce Biosciences has a fifty-two week low of $0.34 and a fifty-two week 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 firm has a market cap of $15.23 million, a price-to-earnings ratio of -0.39 and a beta of 2.38. The firm has a 50 day moving average price of $0.43 and a 200 day moving average price of $0.47.

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, beating analysts’ consensus estimates of ($0.27) by $0.06. The firm had revenue of $0.60 million during 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%. Equities research analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current 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.