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

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 164,000 shares, a decline of 48.8% from the March 31st total of 320,400 shares. Based on an average daily trading volume, of 1,320,000 shares, the short-interest ratio is currently 0.1 days. Approximately 0.7% of the shares of the company are short sold.

Spruce Biosciences Stock Performance

Shares of NASDAQ:SPRB remained flat at $0.70 during midday trading on Friday. The company had a trading volume of 211,577 shares, compared to its average volume of 675,708. The company has a fifty day simple moving average of $2.35 and a two-hundred day simple moving average of $2.23. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.18 and a current ratio of 4.18. The company has a market capitalization of $28.81 million, a price-to-earnings ratio of -0.56 and a beta of 2.52. Spruce Biosciences has a fifty-two week low of $0.67 and a fifty-two week high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Wednesday, March 13th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.18. Spruce Biosciences had a negative net margin of 474.96% and a negative return on equity of 52.31%. The company had revenue of $2.89 million during the quarter, compared to analysts’ expectations of $1.65 million. Analysts expect that Spruce Biosciences will post -1.33 EPS for the current year.

Wall Street Analyst Weigh In

SPRB has been the subject of several recent analyst reports. JMP Securities decreased their price objective on shares of Spruce Biosciences from $8.00 to $3.00 and set a “market outperform” rating for the company in a report on Thursday, March 14th. Guggenheim cut Spruce Biosciences from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Royal Bank of Canada lowered Spruce Biosciences from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $9.00 to $2.00 in a report on Thursday, March 14th. Leerink Partnrs lowered Spruce Biosciences from an “outperform” rating to a “market perform” rating in a report on Thursday, March 14th. Finally, SVB Leerink cut shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $9.00 to $2.00 in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Spruce Biosciences currently has an average rating of “Hold” and a consensus price target of $5.67.

Insider Transactions at Spruce Biosciences

In other news, major shareholder Holdings A/S Novo sold 842,020 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $0.77, for a total value of $648,355.40. Following the completion of the transaction, the insider now owns 3,968,000 shares of the company’s stock, valued at $3,055,360. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders sold 3,114,315 shares of company stock worth $2,613,101. Company insiders own 9.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Superstring Capital Management LP acquired a new position in Spruce Biosciences during the fourth quarter valued at $348,000. Worth Venture Partners LLC grew its holdings in shares of Spruce Biosciences by 8.8% during the 3rd quarter. Worth Venture Partners LLC now owns 302,074 shares of the company’s stock valued at $683,000 after acquiring an additional 24,450 shares in the last quarter. Finally, AIGH Capital Management LLC increased its stake in shares of Spruce Biosciences by 9.0% in the third quarter. AIGH Capital Management LLC now owns 1,211,000 shares of the company’s stock worth $2,737,000 after acquiring an additional 100,000 shares during the last quarter. Hedge funds and other institutional investors own 91.71% of the company’s stock.

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.