Spruce Biosciences, Inc. (NASDAQ:SPRB) Sees Large Decline in Short Interest

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the recipient of a large drop in short interest in the month of 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. Currently, 0.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 391,300 shares, the days-to-cover ratio is presently 0.7 days.

Analyst Upgrades and Downgrades

SPRB has been the subject of several recent analyst reports. Citizens Jmp downgraded Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Guggenheim reaffirmed a “neutral” rating on shares of Spruce Biosciences in a report on Thursday, December 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. JMP Securities reaffirmed a “market perform” rating and issued a $3.00 price objective on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Spruce Biosciences in a report on Wednesday, December 11th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.50.

Institutional Trading of Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC bought a new stake in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned approximately 0.70% of Spruce Biosciences at the end of the most recent reporting period. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Trading Down 7.1 %

Shares of NASDAQ SPRB traded down $0.02 during trading on Friday, reaching $0.30. The company had a trading volume of 339,878 shares, compared to its average volume of 482,764. The stock has a market cap of $12.19 million, a P/E ratio of -0.31 and a beta of 2.34. The company’s fifty day moving average price is $0.37 and its 200-day moving average price is $0.43. 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 12 month low of $0.28 and a 12 month high of $0.87.

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.