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

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 232,800 shares, a decline of 18.4% from the October 15th total of 285,200 shares. Based on an average trading volume of 407,900 shares, the short-interest ratio is currently 0.6 days.

Spruce Biosciences Stock Down 5.8 %

Spruce Biosciences stock traded down $0.03 during midday trading on Friday, hitting $0.49. 312,177 shares of the stock were exchanged, compared to its average volume of 687,269. Spruce Biosciences has a 1 year low of $0.41 and a 1 year high of $5.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.17. The firm has a market cap of $20.26 million, a P/E ratio of -0.52 and a beta of 2.36. The company has a 50 day moving average price of $0.49 and a two-hundred day moving average price of $0.56.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The firm had revenue of $0.60 million during the quarter, compared to the consensus estimate of $1.80 million. On average, sell-side analysts predict that Spruce Biosciences will post -1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPRB. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, August 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $2.00 price objective on shares of Spruce Biosciences in a report on Tuesday. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spruce Biosciences currently has an average rating of “Hold” and an average price target of $5.00.

Institutional Investors Weigh In On Spruce Biosciences

A number of institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new position in shares of Spruce Biosciences in the 1st quarter worth approximately $289,000. AWM Investment Company Inc. bought a new stake in Spruce Biosciences during the first quarter valued at $157,000. Renaissance Technologies LLC lifted 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 buying an additional 95,100 shares during the last quarter. Finally, Almitas Capital LLC bought a new position in shares of Spruce Biosciences in the 2nd quarter worth about $205,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

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.