Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Down 28.7% in July

Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totalling 176,800 shares, a drop of 28.7% from the June 30th total of 248,100 shares. Based on an average trading volume of 502,500 shares, the short-interest ratio is presently 0.4 days.

Analysts Set New Price Targets

A number of research firms have weighed in on SPRB. HC Wainwright reiterated a “neutral” rating on shares of Spruce Biosciences in a research report on Wednesday, June 5th. Oppenheimer dropped their target price on shares of Spruce Biosciences from $4.00 to $3.00 and set an “outperform” rating for the company in a report on Thursday, June 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.00.

Hedge Funds Weigh In On Spruce Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. Superstring Capital Management LP purchased a new stake in shares of Spruce Biosciences during the 4th quarter valued at about $348,000. AWM Investment Company Inc. bought a new stake in shares of Spruce Biosciences in the 1st quarter valued at approximately $157,000. Acadian Asset Management LLC purchased a new position in shares of Spruce Biosciences in the 1st quarter worth approximately $289,000. Worth Venture Partners LLC increased its position in shares of Spruce Biosciences by 74.4% during the 4th quarter. Worth Venture Partners LLC now owns 526,933 shares of the company’s stock valued at $1,544,000 after purchasing an additional 224,859 shares during the last quarter. Finally, AIGH Capital Management LLC raised its holdings in Spruce Biosciences by 75.4% during the 4th quarter. AIGH Capital Management LLC now owns 2,123,863 shares of the company’s stock valued at $6,223,000 after buying an additional 912,863 shares during the period. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Spruce Biosciences Stock Performance

SPRB remained flat at $0.55 during trading on Friday. 117,589 shares of the company traded hands, compared to its average volume of 411,268. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.67 and a current ratio of 4.67. The company has a market cap of $22.47 million, a P/E ratio of -0.48 and a beta of 2.41. The stock has a 50-day moving average price of $0.62 and a 200-day moving average price of $1.79. Spruce Biosciences has a 52 week low of $0.50 and a 52 week high of $5.95.

Spruce Biosciences (NASDAQ:SPRB) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.28) earnings per share 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 during the quarter, compared to analyst estimates of $1.12 million. Equities analysts expect that Spruce Biosciences will post -1.24 EPS 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.