Spruce Biosciences, Inc. (SPRB) Stock Faltered on Wednesday, Here’s the Reason

Spruce Biosciences, Inc. (SPRB), a biopharmaceutical company, has increased by 5.34% in aftermarket trading session. Consequently, SPRB stock is trading at $3.75 at the time of the writing. On Wednesday, SPRB closed the day at $3.56 after plummeting 15.64% during regular trading hours. The decline could potentially be attributed to the appointment of new CEO.

SPRB Leadership Changes

On Wednesday, SPRB announced the appointment of Dr. Javier Szwarcberg, M.D., MPH as Chief Executive Officer and member of the Board of Directors of the company. Dr. Javier Szwarcberg is an accomplished physician executive. He has leadership experience of more than 18 years in the biotech industry. Samir Gharib, his predecessor, has been promoted as the president. He would continue to serve in his role of Chief Financial Officer of the company.

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Q3 2021 Operational Results

On 15th November, SPRB released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company bore total operating expenses of $11.4 million during the quarter against $9.5 million for the same quarter of 2020. The net loss suffered by the company during the quarter stood at $11.44 million against $9.5 million for the same period of 2020. The net loss per basic and diluted share for the three months was $0.49 against $12.35 for the same three-month period of 2020.

Executive Commentary

While commenting on the results, Mike Grey, Executive Chairman of SPRB said that the company has made solid progress in advancing tildacerfont for the treatment of patients with rare endocrine disorders. The company has recently seen an encouraging upward trend in the pace of site activation and patient enrollment across its CAHmelia studies, but the continued variability of the COVID-19 pandemic across the US has impacted enrolment to a certain extent.

Future Outlook for SPRB

The last month has seen SPRB stock surge by approximately 50%. The positive developments associated with the products of the company have built the investor interest in the stock. Looking ahead, analysts believe that the stock tends to attract long-term investments from investors, which in turn would be a boost for the stock performance.

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