Spruce Biosciences, Inc. (NASDAQ:SPRB) Short Interest Up 72.4% in May

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Spruce Biosciences stock. Boothbay Fund Management LLC purchased a new position in Spruce Biosciences, Inc. (NASDAQ:SPRB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 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 currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Spruce Biosciences Trading Down 0.8%

NASDAQ SPRB opened at $0.07 on Tuesday. The company has a fifty day simple moving average of $0.10 and a two-hundred day simple moving average of $0.28. The stock has a market cap of $3.13 million, a P/E ratio of -0.08 and a beta of 2.38. Spruce Biosciences has a 12-month low of $0.06 and a 12-month high of $0.65. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.01.

Spruce Biosciences (NASDAQ:SPRB) last posted its quarterly earnings results on Tuesday, April 15th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.37). The company had revenue of $0.55 million during the quarter, compared to analysts’ expectations of $0.50 million. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. On average, analysts forecast that Spruce Biosciences will post -1 earnings per share 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.