Spruce Biosciences, Inc. (NASDAQ:SPRB) saw a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 505,400 shares, a decline of 58.2% from the December 31st total of 1,210,000 shares. Currently, 6.4% of the company’s shares are sold short. Based on an average daily trading volume, of 3,820,000 shares, the short-interest ratio is currently 0.1 days.
Several equities analysts have recently issued reports on SPRB shares. Zacks Investment Research lowered shares of Spruce Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday. Credit Suisse Group decreased their price target on shares of Spruce Biosciences from $26.00 to $6.00 and set an “outperform” rating for the company in a report on Tuesday, November 16th. Cowen lowered shares of Spruce Biosciences from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 23rd. Benchmark initiated coverage on shares of Spruce Biosciences in a report on Friday, December 10th. They issued a “speculative buy” rating and a $7.00 price target for the company. Finally, Oppenheimer initiated coverage on shares of Spruce Biosciences in a research note on Thursday, December 16th. They issued an “outperform” rating and a $15.00 target price for the company. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Spruce Biosciences presently has a consensus rating of “Buy” and an average price target of $9.54.
Shares of NASDAQ SPRB opened at $2.37 on Friday. The firm has a market cap of $55.61 million, a PE ratio of -1.32 and a beta of 3.55. The company has a current ratio of 10.37, a quick ratio of 10.37 and a debt-to-equity ratio of 0.04. Spruce Biosciences has a 1-year low of $2.12 and a 1-year high of $28.49. The company has a fifty day moving average price of $3.21 and a 200 day moving average price of $5.52.
Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Monday, November 15th. The company reported ($0.49) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.57) by $0.08. Equities research analysts forecast that Spruce Biosciences will post -1.89 EPS for the current year.
Several institutional investors have recently bought and sold shares of the company. Marquette Asset Management LLC acquired a new position in shares of Spruce Biosciences during the 4th quarter worth about $182,000. Two Sigma Advisers LP acquired a new position in shares of Spruce Biosciences during the 3rd quarter worth about $115,000. Two Sigma Investments LP boosted its stake in shares of Spruce Biosciences by 145.4% during the 3rd quarter. Two Sigma Investments LP now owns 29,392 shares of the company’s stock worth $177,000 after buying an additional 17,417 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Spruce Biosciences by 124.3% during the 3rd quarter. Millennium Management LLC now owns 38,622 shares of the company’s stock worth $232,000 after buying an additional 21,406 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its stake in shares of Spruce Biosciences by 7.5% during the 3rd quarter. Deerfield Management Company L.P. Series C now owns 2,200,000 shares of the company’s stock worth $13,222,000 after buying an additional 153,042 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.
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).