Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Drops By 51.1%

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target 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 daily trading volume, of 602,300 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its holdings 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 position in shares of Spruce Biosciences in the second quarter valued at $205,000. Finally, Acadian Asset Management LLC raised its position in shares of Spruce Biosciences by 270.9% in the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after purchasing an additional 999,166 shares during the period. 91.71% of the stock is owned by institutional investors and hedge funds.

Spruce Biosciences Stock Performance

Shares of SPRB traded up $0.01 during midday trading on Thursday, reaching $0.38. The stock had a trading volume of 158,427 shares, compared to its average volume of 719,088. The firm has a market cap of $15.82 million, a PE ratio of -0.41 and a beta of 2.38. The firm has a 50 day simple moving average of $0.46 and a 200-day simple moving average of $0.48. Spruce Biosciences has a one year low of $0.34 and a one year 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.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The business 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%. As a group, sell-side analysts anticipate that Spruce Biosciences will post -1 EPS for the current year.

Analyst Upgrades and Downgrades

SPRB has been the topic of several research reports. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, December 16th. Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. Guggenheim restated a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating and issued a $3.00 price target on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Finally, Citizens Jmp cut Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Nine equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average 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.