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

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

Spruce Biosciences Trading Down 2.7 %

Spruce Biosciences stock traded down $0.01 during trading hours on Monday, reaching $0.53. The stock had a trading volume of 316,406 shares, compared to its average volume of 831,662. The stock has a market cap of $21.86 million, a PE ratio of -0.47 and a beta of 2.42. Spruce Biosciences has a 52 week low of $0.50 and a 52 week high of $5.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.67 and a quick ratio of 4.67. The company has a fifty day simple moving average of $0.61 and a 200-day simple moving average of $1.77.

Spruce Biosciences (NASDAQ:SPRB) last released its earnings results on Monday, May 13th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.04. The firm had revenue of $2.00 million for the quarter, compared to the consensus estimate of $1.12 million. Spruce Biosciences had a negative net margin of 461.67% and a negative return on equity of 57.53%. Analysts forecast that Spruce Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. AIGH Capital Management LLC raised its stake in shares of Spruce Biosciences by 75.4% in the fourth quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock valued at $6,223,000 after acquiring an additional 912,863 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Spruce Biosciences in the first quarter valued at $289,000. Worth Venture Partners LLC raised its stake in shares of Spruce Biosciences by 74.4% in the fourth quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock valued at $1,544,000 after acquiring an additional 224,859 shares during the period. Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences in the fourth quarter valued at $348,000. Finally, AWM Investment Company Inc. purchased a new stake in shares of Spruce Biosciences in the first quarter valued at $157,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.