Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Grows By 275.3%

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 511,900 shares, an increase of 275.3% from the March 31st total of 136,400 shares. Based on an average daily trading volume, of 1,040,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 1.4% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Royal Bank of Canada decreased their price objective on Spruce Biosciences from $1.50 to $0.50 and set a “sector perform” rating for the company in a research note on Wednesday, April 16th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Spruce Biosciences has a consensus rating of “Hold” and an average target price of $2.17.

Spruce Biosciences Price Performance

Shares of SPRB traded down $0.05 during trading hours on Tuesday, reaching $0.08. 944,434 shares of the company traded hands, compared to its average volume of 706,623. The stock has a fifty day simple moving average of $0.29 and a 200 day simple moving average of $0.40. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. Spruce Biosciences has a fifty-two week low of $0.08 and a fifty-two week high of $0.87. The stock has a market capitalization of $3.21 million, a PE ratio of -0.08 and a beta of 2.39.

Spruce Biosciences (NASDAQ:SPRB) last released its quarterly earnings data on Tuesday, April 15th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.37). The business had revenue of $0.55 million for the quarter, compared to analysts’ expectations of $0.50 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 predict that Spruce Biosciences will post -1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC purchased a new position in Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned approximately 0.70% of Spruce Biosciences as of its most recent filing with the Securities & Exchange Commission. 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.