Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Decreases By 23.6%

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 135,000 shares, a drop of 23.6% from the July 15th total of 176,800 shares. Based on an average daily trading volume, of 512,200 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds have recently made changes to their positions in the company. AWM Investment Company Inc. purchased a new stake in Spruce Biosciences in the first quarter worth about $157,000. Renaissance Technologies LLC boosted 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 in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Spruce Biosciences in the 1st quarter worth approximately $289,000. Superstring Capital Management LP bought a new position in Spruce Biosciences during the 4th quarter valued at approximately $348,000. Finally, Worth Venture Partners LLC raised its stake in Spruce Biosciences by 74.4% during the fourth 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 last quarter. 91.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Oppenheimer decreased their price target on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research note on Thursday, June 13th. HC Wainwright reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research note on Wednesday, June 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus price target of $5.00.

Spruce Biosciences Price Performance

Shares of NASDAQ:SPRB remained flat at $0.43 on Wednesday. 239,562 shares of the stock traded hands, compared to its average volume of 814,387. The stock’s 50-day moving average is $0.56 and its 200-day moving average is $1.60. The company has a market cap of $17.78 million, a price-to-earnings ratio of -0.38 and a beta of 2.41. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.02. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.10. Spruce Biosciences had a negative net margin of 461.67% and a negative return on equity of 57.53%. The business had revenue of $1.61 million during the quarter, compared to analyst estimates of $1.55 million. Equities research analysts anticipate that Spruce Biosciences will post -1.24 EPS 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.