Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Down 48.7% in March

by · The Cerbat Gem

Spruce Biosciences, Inc. (NASDAQ:SPRB – Get Free Report) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 136,400 shares, a decrease of 48.7% from the March 15th total of 265,800 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily volume of 381,400 shares, the days-to-cover ratio is currently 0.4 days.

Hedge Funds Weigh In On Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC bought a new position in shares of Spruce Biosciences, Inc. (NASDAQ:SPRB – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned about 0.70% of Spruce Biosciences as of its most recent SEC filing. 91.71% of the stock is currently owned by institutional investors.

Spruce Biosciences Price Performance

Shares of Spruce Biosciences stock traded down $0.00 during trading on Friday, reaching $0.12. 3,977,172 shares of the company’s stock were exchanged, compared to its average volume of 612,932. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.36 and a current ratio of 5.36. Spruce Biosciences has a 1-year low of $0.11 and a 1-year high of $0.87. The company has a market cap of $4.90 million, a P/E ratio of -0.13 and a beta of 2.39. The firm’s 50-day moving average price is $0.33 and its 200 day moving average price is $0.41.

Spruce Biosciences (NASDAQ:SPRB – Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.37). The company had revenue of $0.55 million during the quarter, compared to the consensus estimate of $0.50 million. Spruce Biosciences had a negative net margin of 555.23% and a negative return on equity of 62.10%. As a group, research analysts anticipate that Spruce Biosciences will post -1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reduced their price objective on shares of Spruce Biosciences from $1.50 to $0.50 and set a “sector perform” rating on the stock in a research note on Wednesday. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Spruce Biosciences has a consensus rating of “Hold” and an average target price of $2.17.

Check Out Our Latest Stock Report on SPRB

Spruce Biosciences Company Profile

(Get Free Report)

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.

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