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

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant drop in short interest in March. As of March 15th, there was short interest totalling 265,800 shares, a drop of 37.5% from the February 28th total of 425,100 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 391,300 shares, the short-interest ratio is presently 0.7 days.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPRB. Royal Bank of Canada reissued a “sector perform” rating and issued a $1.50 target price (down previously from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. JMP Securities restated a “market perform” rating and set a $3.00 price objective on shares of Spruce Biosciences in a report on Wednesday, December 11th. Citizens Jmp downgraded Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Guggenheim reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Finally, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, December 16th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.50.

Institutional Trading of Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC acquired a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned 0.70% of Spruce Biosciences as of its most recent SEC filing. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Trading Down 7.1 %

SPRB stock traded down $0.02 during trading on Friday, reaching $0.30. 339,878 shares of the stock traded hands, compared to its average volume of 482,764. The firm has a market capitalization of $12.19 million, a PE ratio of -0.31 and a beta of 2.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.36 and a quick ratio of 5.36. The business’s 50 day moving average price is $0.37 and its 200-day moving average price is $0.43. Spruce Biosciences has a 52-week low of $0.28 and a 52-week high of $0.87.

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.