Spruce Biosciences, Inc. (NASDAQ:SPRB) Sees Large Growth in Short Interest

Spruce Biosciences, Inc. (NASDAQ:SPRB) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 31,200 shares, an increase of 72.4% from the May 15th total of 18,100 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average trading volume of 231,800 shares, the short-interest ratio is currently 0.1 days.

Institutional Investors Weigh In On Spruce Biosciences

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC bought a new position in Spruce Biosciences, Inc. (NASDAQ:SPRB) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 288,800 shares of the company’s stock, valued at approximately $121,000. Boothbay Fund Management LLC owned approximately 0.70% of Spruce Biosciences at the end of the most recent reporting period. 91.71% of the stock is owned by hedge funds and other institutional investors.

Spruce Biosciences Stock Down 0.8%

Shares of SPRB traded down $0.00 on Monday, reaching $0.07. The company’s stock had a trading volume of 148,036 shares, compared to its average volume of 717,355. Spruce Biosciences has a twelve month low of $0.06 and a twelve month high of $0.65. The stock has a market capitalization of $3.13 million, a PE ratio of -0.08 and a beta of 2.38. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average of $0.11 and a 200-day moving average of $0.29.

Spruce Biosciences (NASDAQ:SPRB) 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). Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The company had revenue of $0.55 million during the quarter, compared to analysts’ expectations of $0.50 million. Equities analysts predict that Spruce Biosciences will post -1 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada decreased their price objective on Spruce Biosciences from $1.50 to $0.50 and set a “sector perform” rating for the company in a report on Wednesday, April 16th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $1.75.

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.