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

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 252,100 shares, an increase of 22.7% from the August 15th total of 205,400 shares. Based on an average daily volume of 427,200 shares, the days-to-cover ratio is presently 0.6 days.

Analysts Set New Price Targets

Several research analysts have recently commented on SPRB shares. Royal Bank of Canada restated a “sector perform” rating and set a $2.00 price target on shares of Spruce Biosciences in a research report on Tuesday, August 13th. Oppenheimer reduced their price objective on Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating on the stock in a research note on Thursday, June 13th. Finally, HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a report on Monday, August 19th. 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, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.00.

Hedge Funds Weigh In On Spruce Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC increased its position in shares of Spruce Biosciences by 270.9% in the second quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after buying an additional 999,166 shares in the last quarter. AIGH Capital Management LLC grew its stake in Spruce Biosciences by 75.4% in the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock valued at $6,223,000 after acquiring an additional 912,863 shares during the last quarter. Almitas Capital LLC purchased a new position in Spruce Biosciences during the 2nd quarter valued at about $205,000. Worth Venture Partners LLC raised its position in Spruce Biosciences by 74.4% during the fourth quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock worth $1,544,000 after acquiring an additional 224,859 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new stake in shares of Spruce Biosciences in the first quarter valued at about $157,000. 91.71% of the stock is owned by institutional investors and hedge funds.

Spruce Biosciences Stock Performance

NASDAQ SPRB traded up $0.01 during trading hours on Monday, hitting $0.47. 6,072 shares of the stock were exchanged, compared to its average volume of 741,082. The company has a quick ratio of 5.17, a current ratio of 5.17 and a debt-to-equity ratio of 0.02. The company has a market cap of $19.51 million, a price-to-earnings ratio of -0.41 and a beta of 2.40. Spruce Biosciences has a 12-month low of $0.41 and a 12-month high of $5.95. The stock has a 50-day moving average of $0.49 and a 200 day moving average of $0.95.

Spruce Biosciences (NASDAQ:SPRB) last issued its earnings results on Monday, August 12th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.10. Spruce Biosciences had a negative net margin of 450.38% and a negative return on equity of 59.94%. The company had revenue of $1.61 million for the quarter, compared to analyst estimates of $1.55 million. As a group, equities research analysts forecast that Spruce Biosciences will post -1.12 earnings per share for the current year.

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.