Spruce Biosciences Inc’s recent filing unveils that its 10% Owner Novo Holdings A/S unloaded Company’s shares for reported $0.35 million on Mar 21 ’24. In the deal valued at $0.75 per share,465,021 shares were sold. As a result of this transaction, Novo Holdings A/S now holds 2,550,000 shares worth roughly $2.01 million.
Then, Novo Holdings A/S sold 359,979 shares, generating $264,081 in total proceeds. Upon selling the shares at $0.73, the 10% Owner now owns 3,015,021 shares.
Before that, Novo Holdings A/S sold 593,000 shares. Spruce Biosciences Inc shares valued at $447,715 were divested by the 10% Owner at a price of $0.76 per share. As a result of the transaction, Novo Holdings A/S now holds 3,375,000 shares, worth roughly $2.67 million.
RBC Capital Mkts downgraded its Spruce Biosciences Inc [SPRB] rating to a Sector perform from a an Outperform in a research note published on March 14, 2024; the price target was decreased to $2 from $9. A number of analysts have revised their coverage, including Leerink Partners’s analysts, who decreased its forecast for the stock in mid March from “an Outperform” to “a Market perform”. Ladenburg Thalmann also remained covering SPRB and has decreased its forecast on March 14, 2024 with a “Neutral” recommendation from previously “Buy” rating. H.C. Wainwright revised its rating on March 14, 2024. It rated SPRB as “a Neutral” which previously was an “a Buy”.
Price Performance Review of SPRB
On Monday, Spruce Biosciences Inc [NASDAQ:SPRB] saw its stock fall -5.95% to $0.79. Over the last five days, the stock has lost -3.64%. Spruce Biosciences Inc shares have fallen nearly -73.04% since the year began. Nevertheless, the stocks have fallen -64.41% over the past one year. While a 52-week high of $5.95 was reached on 03/08/24, a 52-week low of $0.68 was recorded on 03/25/24. SMA at 50 days reached $3.3303, while 200 days put it at $2.3283. A total of 0.63 million shares were traded, compared to the trading of 0.72 million shares in the previous session.
Levels Of Support And Resistance For SPRB Stock
The 24-hour chart illustrates a support level at 0.7759, which if violated will result in even more drops to 0.7617. On the upside, there is a resistance level at 0.8183. A further resistance level may holdings at 0.8465. The Relative Strength Index (RSI) on the 14-day chart is 24.44, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.0454, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 41.74%. Stochastics %K at 71.75% indicates the stock is a holding.
How much short interest is there in Spruce Biosciences Inc?
A steep rise in short interest was recorded in Spruce Biosciences Inc stocks on Mar 15, 2024, growing by 0.14 million shares to a total of 0.19 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 50250.0 shares. There was a rise of 73.45%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 0.58% of the overall stock float, the days-to-cover ratio (short ratio) rose to 0.09.
