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Spruce Biosciences Inc [SPRB] Shares Fall Approximately -69.12% Over the Year

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Spruce Biosciences Inc shares valued at $350,951 were sold by Novo Holdings A/S on Mar 21 ’24. At $0.75 per share, Novo Holdings A/S sold 465,021 shares. The insider’s holdings dropped to 2,550,000 shares worth approximately $1.84 million following the completion of this transaction.

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Also, Novo Holdings A/S sold 359,979 shares, netting a total of over 264,081 in proceeds. Following the sale of shares at $0.73 each, the insider now holds 3,015,021 shares.

Before that, Novo Holdings A/S had sold 593,000 shares from its account. In a trade valued at $447,715, the 10% Owner traded Spruce Biosciences Inc shares for $0.76 each. Upon closing the transaction, the insider’s holdings decreased to 593,000 shares, worth approximately $2.43 million.

As published in a research note from RBC Capital Mkts on March 14, 2024, Spruce Biosciences Inc [SPRB] has been rated down from an Outperform to a Sector perform and the price target has been revised to $2 from $9. Analysts at Leerink Partners downgraded the stock from ‘”an Outperform”‘ to ‘”a Market perform”‘ outlook in a report released in mid March. As of March 14, 2024, Ladenburg Thalmann has decreased its “Buy” rating to a “Neutral” for SPRB. Earlier on March 14, 2024, H.C. Wainwright downgraded its rating. Their new recommendation was “a Neutral” for SPRB stock which previously was a “a Buy”.

Analyzing SPRB Stock Performance

During the last five days, there has been a surge of approximately 3.17%. Over the course of the year, Spruce Biosciences Inc shares have dropped approximately -75.33%. Shares of the company reached a 52-week high of $5.9500 on 03/08/24 and a 52-week low of $0.6700 on 05/29/24. A 50-day SMA is recorded $0.7506, while a 200-day SMA reached $2.0299. Nevertheless, trading volume fell to 1.4 million shares from 0.48 million shares the previous day.

Support And Resistance Levels for Spruce Biosciences Inc (SPRB)

According to the 24-hour chart, there is a support level at 0.6919, which, if violated, would cause prices to drop to 0.6611. In the upper region, resistance lies at 0.7417. The next price resistance is at 0.7607. RSI (Relative Strength Index) is 39.78 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0165, which suggests the price will decrease in the coming days. Percent R is at 59.46%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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