Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Down 28.7% in July

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 176,800 shares, a decrease of 28.7% from the June 30th total of 248,100 shares. Based on an average daily volume of 502,500 shares, the short-interest ratio is currently 0.4 days.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a report on Wednesday, June 5th. Oppenheimer cut their price target on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research note on Thursday, June 13th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Spruce Biosciences has a consensus rating of “Hold” and a consensus target price of $5.00.

Institutional Trading of Spruce Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPRB. Superstring Capital Management LP purchased a new position in shares of Spruce Biosciences in the 4th quarter valued at approximately $348,000. AWM Investment Company Inc. acquired a new stake in shares of Spruce Biosciences during the first quarter worth $157,000. Acadian Asset Management LLC purchased a new position in Spruce Biosciences in the 1st quarter valued at $289,000. Worth Venture Partners LLC increased its stake in Spruce Biosciences by 74.4% in the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock valued at $1,544,000 after buying an additional 224,859 shares during the period. Finally, AIGH Capital Management LLC raised its position in Spruce Biosciences by 75.4% during the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock worth $6,223,000 after buying an additional 912,863 shares during the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Stock Performance

Shares of Spruce Biosciences stock remained flat at $0.55 during trading on Friday. 117,589 shares of the stock were exchanged, compared to its average volume of 411,268. The company has a market capitalization of $22.47 million, a price-to-earnings ratio of -0.48 and a beta of 2.41. The stock has a fifty day moving average price of $0.62 and a 200-day moving average price of $1.79. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.67 and a current ratio of 4.67. Spruce Biosciences has a fifty-two week low of $0.50 and a fifty-two week high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.04. Spruce Biosciences had a negative net margin of 461.67% and a negative return on equity of 57.53%. The company had revenue of $2.00 million for the quarter, compared to analyst estimates of $1.12 million. On average, analysts predict that Spruce Biosciences will post -1.24 earnings per share 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.