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      Spruce Biosciences Inc. (SPRB) stock’s Upsurge After Hours. Here’s what’s happening? - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 17, 2021

      5:49 AM UTC

      Spruce Biosciences Inc. (SPRB) stock’s Upsurge After Hours. Here’s what’s happening? - Stocks Telegraph

      Spruce Biosciences Inc. (SPRB) stock gained 29.84% in the after-hours at $3.22 on December 16. With no recent news from the company, both fundamental and technical aspects seem to be driving the stock up.

      In regular trading, the stock lost 0.80% at 6.91 million shares, as the stock closed at $2.48 on Thursday. Soon in the aftermarket session, the stock saw reversal as it gained big on a heft volume of 6.64 million shares.

      The clinical-stage biopharmaceutical company has a market capitalization of $58.88 million. Currently, the company has 23.46 million shares outstanding in the market.

      SPRB stock’s Movement

      In the past five days, the stock has lost 3.13% and 15.65% last month. Moreover, the three-month loss for the stock stands at 67.79% and 89.80% year to date.

      While no apparent recent news is causing the stock’s recent move into the green, technicals, and fundamentals seem responsible. In the previous trading session, a hammer chart pattern was formed. The bulls were able to counteract the bears and hence the trend was reversed. Moreover, it seems as the optimism for the future earnings of the company is also rising. In the past 30 days, the current year’s estimated consensus EPS has increased by 8.1%.

      Consequently, SPRB stock entered green in the after-hours on Thursday at a heavy volume. While the stock did gain big, there is a possibility of it falling under corrections soon.

      Recent Developments

      Recently, the company participated in the Piper Sandler 33rd Annual Virtual Healthcare Conference. The conference was held from November 29, 2021, to December 2, 2021. Further, SPRB’s Chief Financial Officer, Samir Gharib presented at the conference.

      Previously, the company announced a new appointment within the company, on November 15. Mike Grey was appointed as the interim Chief Executive Officer. Currently, Mr. Grey is serving as the Executive Chairman of the Spruce Board. Furthermore, he will succeed Richard King, who will remain as a strategic advisor till December 31, 2021.

      Moreover, the company is in search of a permanent Chief Executive Chief Officer.

      SPRB’s Financials

      On November 15, SPRB declared its financial results for the third quarter of 2021. In the third quarter of 2021, the company incurred a net loss of $11.4 million against $9.6 million in the Q3 of 2020.

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

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