Spruce Biosciences Inc. (SPRB) stock lost a further 6.48% in the after-hours at $3.8999 on December 21. During regular trading, the stock fluctuated between a high of $4.6400 and a low of $3.8800 at 9.09M shares. SPRB closed the session with a loss of 2.34% at its closing value of $4.1700.

The continued downtrend in the stock can be subjected to profit booking and corrections due to its previous gains.

Currently, the 23.46 million outstanding shares of the company trade at a market capitalization of $100.19 million.

SPRB’s Movements

On Friday, December 17, Oppenheimer declared a positive outperform rating to the SPRB stock. Moreover, the stock also received a price target of $15 while SPRB saw a hammer chart pattern the day before. Consequently, SPRB made huge gains in Friday’s session. SPRB reached a high of $5.80 on Friday, reaching the price after 70 days. This marked a big gain in the stock’s recent timeline. Resultantly, the stock entered corrections in the following aftermarket and premarket sessions. While it did see some more gains on Monday, it fell once again to shed its gains to profit booking. Hence, the stock seems to continue losing due to profit booking from its gains.

In the past five days, the stock has gained 71.60% and over 57.3% last month. Moreover, SPRB has subtracted a value of 36.34% in the past three months. In addition, the year-to-date loss for the stock stands at 82.85%.

Corporate Updates

On November 15, the company announced its corporate updates for the third quarter of 2021. According to the third quarter:

• SPRB expects to report topline data from CAHmelia-203 in 2023 due to the impacts of Covid-19 on patient enrollment and site activation.
• SPRB expanded the phase 2 CAHmelia program in Adult Classic CAH to Australia and Canada.
• The phase 2 clinical trial in Pediatric Classic CAH initiation plan is on track.
• The Phase 2 Proof of Concept clinical trial in PCOS initiation plan is also on track.

SPRB’s Financial Results

Alongside the corporate updates, SPRB also announced its third-quarter financial results for the third quarter of 2021. In the Q3 of 2021, the R&D and G&A expenses were $8.6 million and $2.8 million, respectively.

Moreover, SPRB incurred a net loss of $11.4 million in the third quarter of 2021, against $9.6 million in Q3 of 2020.

In addition, the company ended the quarter with cash, equivalents, and investments of $131.3 million.