Short Interest in Spruce Biosciences, Inc. (NASDAQ:SPRB) Drops By 37.5%

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a large decrease in short interest in March. As of March 15th, there was short interest totalling 265,800 shares, a decrease of 37.5% from the February 28th total of 425,100 shares. Based on an average daily trading volume, of 391,300 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.7% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPRB. Citizens Jmp lowered Spruce Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Royal Bank of Canada reissued a “sector perform” rating and issued a $1.50 price target (down previously from $2.00) on shares of Spruce Biosciences in a research note on Wednesday, December 11th. Oppenheimer reaffirmed a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday, December 11th. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research report on Monday, December 16th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Spruce Biosciences in a research report on Thursday, December 12th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.50.

Institutional Trading of Spruce Biosciences

A hedge fund recently bought a new stake in Spruce Biosciences stock. Boothbay Fund Management LLC acquired a new position in Spruce Biosciences, Inc. (NASDAQ:SPRB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned about 0.70% of Spruce Biosciences at the end of the most recent quarter. 91.71% of the stock is owned by institutional investors and hedge funds.

Spruce Biosciences Stock Performance

Spruce Biosciences stock traded down $0.01 on Monday, reaching $0.29. 84,177 shares of the stock were exchanged, compared to its average volume of 481,198. The stock has a market cap of $11.98 million, a PE ratio of -0.31 and a beta of 2.34. The firm has a fifty day moving average price of $0.37 and a two-hundred day moving average price of $0.43. Spruce Biosciences has a twelve month low of $0.28 and a twelve month high of $0.87. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01.

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.