Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Down 18.4% in October

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 232,800 shares, a drop 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 presently 0.6 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SPRB. Renaissance Technologies LLC raised its holdings in shares of Spruce Biosciences by 35.1% during the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after acquiring an additional 95,100 shares during the period. AWM Investment Company Inc. purchased a new stake in shares of Spruce Biosciences in the first quarter valued at $157,000. Acadian Asset Management LLC acquired a new stake in shares of Spruce Biosciences in the first quarter worth $289,000. Finally, Almitas Capital LLC purchased a new position in shares of Spruce Biosciences during the second quarter valued at $205,000. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on SPRB. HC Wainwright restated 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 target on shares of Spruce Biosciences in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Spruce Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.00.

Spruce Biosciences Price Performance

NASDAQ:SPRB traded down $0.03 during trading hours on Friday, reaching $0.49. 312,177 shares of the company’s stock were exchanged, compared to its average volume of 687,269. The company has a market capitalization of $20.26 million, a P/E ratio of -0.52 and a beta of 2.36. Spruce Biosciences has a 12 month low of $0.41 and a 12 month high of $5.95. The business’s 50-day simple moving average is $0.49 and its two-hundred day simple moving average is $0.56. The company has a quick ratio of 5.17, a current ratio of 5.36 and a debt-to-equity ratio of 0.01.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Monday, November 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping 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 business had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $1.80 million. Sell-side analysts expect that Spruce Biosciences will post -1.12 EPS for the current fiscal year.

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.