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Spruce Biosciences, Inc. (SPRB) Stock is Moving Down in After Market Despite no Clear Reason

Spruce Biosciences Inc. (SPRB) is a biopharmaceutical company focusing on the development and commercialization of innovative therapeutics for rare endocrine diseases. The pioneer wholly-owned lead candidate is tildacerfont, which is in phase 2 clinical trials, for patients suffering from classic cogneital adrenal hyperplasia (CAH) disease. Also, tildacerfont can be used as a cure for women suffering from an occasionally occurring polycystic ovary syndrome (PCOS) with primary adrenal androgen excess.

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The price of SPRB stock during the regular trading session of December 17, 2021, skyrocketed to $5.03 with a sharp rise of 102%. At last check, the aftermarket showed a decline of 9.74%.

Events and Happenings

On November 18, 2021, SPRB reported that Chief Financial Officer Samir Gharib represented the company at the Annual Piper Sandler 33rd Healthcare Conference held virtually from 29 November to 2 December 2021.

Key Financials

On November 15, 2021, SPRB announced the financial results for the third quarter ended September 30, 2021. Some of the key highlights are as follows.

Net Loss

Net loss per basic and diluted share for the third quarter of 2021 was $11.4 million or $0.49 per share as opposed to $9.6 million or $12.35 per share for the same quarter prior year. The net loss reduced remarkably over the year period.

Assets

Total assets of the company for the third quarter of 2020 were $78 million as compared to the same quarter of 2021 when the assets were reported to be $135 million.

On September 07, 2021, SPRB announced that top executives of the company presented SPRB in four virtual investor conferences. The conferences included H.C. Wainwright 23rd Annual Global Investment Conference held on September 13-14, 2021, Baird 2021 Global Healthcare Conference held on September 14-15, 2021, Oppenheimer Fall Healthcare Life Sciences & MedTech Summit held on September 20-22, 2021, and SVB Leerink CybeRx Series: Neuromuscular, Rare Diseases & Genetic Medicines held on September 22-23, 2021.

On August 25, 2021, SPRB reported that it discussed the details of the Phase 2 clinical program for tildacerfont in pediatric classic CAH during SPRB’s Research and Development (R&D) Day held virtually.

Conclusion

The current market situation for SPRB i.e., significant surge during regular trading and decline in the after-hours is due to an uncertain market environment. The investors believe that as the stock price showed an incline of 86% from the past month, the company will show a more positive market rating in the coming days.

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