Spruce Biosciences, Inc. (NASDAQ:SPRB) Sees Significant Increase in Short Interest

Spruce Biosciences, Inc. (NASDAQ:SPRBGet Free Report) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 77,000 shares, an increase of 64.5% from the December 15th total of 46,800 shares. Based on an average trading volume of 176,000 shares, the days-to-cover ratio is presently 0.4 days.

Hedge Funds Weigh In On Spruce Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. Privium Fund Management B.V. acquired a new position in Spruce Biosciences in the 2nd quarter worth about $52,000. Renaissance Technologies LLC increased its stake in shares of Spruce Biosciences by 35.5% in the second quarter. Renaissance Technologies LLC now owns 151,400 shares of the company’s stock valued at $263,000 after buying an additional 39,700 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Spruce Biosciences by 317.7% in the first quarter. Bank of New York Mellon Corp now owns 116,501 shares of the company’s stock valued at $234,000 after buying an additional 88,608 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Spruce Biosciences by 528,800.0% in the first quarter. JPMorgan Chase & Co. now owns 58,179 shares of the company’s stock valued at $129,000 after buying an additional 58,168 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Spruce Biosciences by 315.5% in the second quarter. Northern Trust Corp now owns 57,097 shares of the company’s stock valued at $123,000 after buying an additional 43,356 shares during the period. Institutional investors and hedge funds own 78.58% of the company’s stock.

Spruce Biosciences Price Performance

Shares of SPRB stock traded down $0.13 on Friday, hitting $2.53. 62,713 shares of the company’s stock were exchanged, compared to its average volume of 161,216. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.59 and a quick ratio of 4.59. Spruce Biosciences has a 12 month low of $1.01 and a 12 month high of $3.57. The company has a 50 day moving average of $1.80 and a 200 day moving average of $1.96.

Spruce Biosciences (NASDAQ:SPRBGet Free Report) last announced its quarterly earnings data on Monday, November 13th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04. The business had revenue of $3.07 million for the quarter, compared to the consensus estimate of $2.25 million. Equities research analysts anticipate that Spruce Biosciences will post -1.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Spruce Biosciences in a research report on Monday, November 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $7.67.

Read Our Latest Report on SPRB

About Spruce Biosciences

(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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