Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Up 202.0% in June

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 121,700 shares, a growth of 202.0% from the May 31st total of 40,300 shares. Based on an average daily volume of 700,000 shares, the short-interest ratio is currently 0.2 days.

Spruce Biosciences Trading Down 2.7 %

Shares of SPRB stock traded down $0.01 during mid-day trading on Friday, reaching $0.52. 535,517 shares of the stock traded hands, compared to its average volume of 900,285. The stock’s fifty day simple moving average is $0.70 and its two-hundred day simple moving average is $2.05. Spruce Biosciences has a 1-year low of $0.50 and a 1-year high of $5.95. The company has a market cap of $21.30 million, a price-to-earnings ratio of -0.47 and a beta of 2.49. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.02.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.04. Spruce Biosciences had a negative return on equity of 57.53% and a negative net margin of 461.67%. The firm had revenue of $2.00 million for the quarter, compared to analyst estimates of $1.12 million. On average, research analysts anticipate that Spruce Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Trading of Spruce Biosciences

A number of hedge funds have recently made changes to their positions in the company. AWM Investment Company Inc. acquired a new position in shares of Spruce Biosciences in the first quarter worth approximately $157,000. Acadian Asset Management LLC acquired a new position in shares of Spruce Biosciences in the first quarter worth approximately $289,000. Superstring Capital Management LP acquired a new position in shares of Spruce Biosciences in the fourth quarter worth approximately $348,000. Worth Venture Partners LLC lifted its stake in shares of Spruce Biosciences by 8.8% in the third quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock worth $683,000 after acquiring an additional 24,450 shares during the period. Finally, AIGH Capital Management LLC lifted 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 worth $6,223,000 after acquiring an additional 912,863 shares during the period. 91.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPRB. HC Wainwright restated a “neutral” rating on shares of Spruce Biosciences in a research report on Wednesday, June 5th. Royal Bank of Canada cut Spruce Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $9.00 to $2.00 in a research report on Thursday, March 14th. SVB Leerink lowered Spruce Biosciences from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $9.00 to $2.00 in a research note on Thursday, March 14th. LADENBURG THALM/SH SH lowered Spruce Biosciences from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, JMP Securities reduced their price objective on Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating on the stock in a research note on Thursday, March 14th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.00.

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.