Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Update

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the recipient of a significant drop in short interest in December. As of December 31st, there was short interest totalling 107,100 shares, a drop of 51.1% from the December 15th 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 Investors Weigh In On Spruce Biosciences

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

Spruce Biosciences Stock Performance

Shares of NASDAQ:SPRB traded up $0.01 during midday trading on Thursday, hitting $0.38. The company’s stock had a trading volume of 158,427 shares, compared to its average volume of 719,088. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.36 and a current ratio of 5.36. The stock’s 50 day simple moving average is $0.46 and its 200 day simple moving average is $0.48. The stock has a market capitalization of $15.82 million, a price-to-earnings ratio of -0.41 and a beta of 2.38. Spruce Biosciences has a fifty-two week low of $0.34 and a fifty-two week high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.06. The firm had revenue of $0.60 million during the quarter, compared to the consensus estimate 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, research analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Spruce Biosciences Company Profile

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.