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

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a significant decline in short interest during 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 Trading Down 4.0 %

Shares of Spruce Biosciences stock opened at $0.36 on Tuesday. The company has a 50 day simple moving average of $0.46 and a two-hundred day simple moving average of $0.48. The firm has a market cap of $14.67 million, a PE ratio of -0.38 and a beta of 2.38. 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.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (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 company had revenue of $0.60 million during the quarter, compared to analyst estimates of $1.80 million. Analysts expect that Spruce Biosciences will post -1.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SPRB shares. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, December 16th. Guggenheim reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Citizens Jmp downgraded Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $1.50 target price (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.90.

Institutional Investors Weigh In On Spruce Biosciences

A number of institutional investors have recently made changes to their positions in SPRB. Renaissance Technologies LLC lifted its stake in Spruce Biosciences by 35.1% in the second 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 purchased a new position in shares of Spruce Biosciences in the second quarter worth about $205,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after acquiring an additional 999,166 shares during the last quarter. Hedge funds and other institutional investors own 91.71% of the company’s stock.

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.