Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Spruce Biosciences Inc (SPRB)

30 + Investors. Track Smart Money conviction in SPRB. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -2
Streak
1Q ▼
Buyers last Q
47%

Smart Money Signals — SPRB

Based on 30 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their SPRB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻

Below peak — only 61% of 3.0Y high

61% of all-time peak
Only 30 funds hold SPRB today versus a peak of 49 funds at 2024 Q1 — just 61% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding SPRB is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 47% buying

14 buying16 selling
Last quarter: 16 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-17 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 0 → 7 → 25 → 8. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌

Mixed — 37% long-term, 40% new

■ 37% conviction (2yr+) ■ 23% medium ■ 40% new
Of the 30 current holders: 11 (37%) held >2 years, 7 held 1–2 years, and 12 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎

Buying through price weakness — shares -3%, value -29%

Value
-28%
Shares
-3%
Last quarter: funds added -3% more shares while total portfolio value only changed -29%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~8 new funds/quarter

5 → 0 → 7 → 25 → 8 new funds/Q
New funds entering each quarter: 0 → 7 → 25 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 40% veterans vs 37% newcomers

■ 40% veterans ■ 23% 1-2yr ■ 37% new
Entry-cohort mix of 30 holders: 12 (40%) are 2+ year veterans, 7 entered 1–2 years ago, and 11 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 36% AUM from major funds

36% from top-100 AUM funds
10 of 30 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — SPRB

In 2026 Q1, 14 hedge funds were net buyers of SPRB (8 opened a new position, 6 added to an existing one), while 16 reduced or exited (6 trimmed, 10 sold completely) — a 47% buyer ratio, indicating roughly balanced activity. 36% of total institutional value in SPRB is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -2 funds (more exits than new entries). Total institutional holders: 30.

Hedge Fund Ownership: SPRB

How many hedge funds hold SPRB — quarterly history vs. share price
Quarterly hedge fund ownership of SPRB vs. share price

Market Analysis: SPRB

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: SPRB

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Spruce Biosciences Inc (SPRB) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much SPRB has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 78d ago
SPRB
-24.2%
XLV
+3.2%

SPRB outperformed XLV by -27.4% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 33d ago
SPRB
-7.9%
XLV
+4.3%

Since the filing became public, SPRB outperformed XLV by -12.2% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

4 top-rated funds 0 high-conviction
Consensus
3.0
/ 10
breadth
×
Elite
0.6
/ 10
conviction
Hedge Fund Positioning: SPRB
30 + Investors

Track Smart Money conviction in SPRB. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 30 32 -6.25%
13F Shares 730K 754K -3.13%
Total Value $47M $66M -28.71%
New Positions 8 25 -17
Increased Positions 6 4 +2
Closed Positions 10 2 +8
Reduced Positions 6 1 +5
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: SPRB

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Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
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Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

30 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in SPRB. Verified SEC 13F-HR filings.

QUARTER:
Top 25 SPRB holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Ikarian Capital, LLC 0.64% 121,356 $7.9M
2 Lion Point Capital, LP 0.39% 1,000 $65K
3 Squadron Capital Management LLC 0.29% 12,200 $797K
4 ADAR1 Capital Management, LLC 0.23% 58,600 $3.8M
5 Resolute Capital Asset Partners LLC 0.14% 4,000 $261K
6 Diadema Partners LP 0.11% 10,000 $654K
7 Quinn Opportunity Partners LLC 0.09% 26,810 $1.8M
8 Stempoint Capital LP 0.08% 6,360 $416K
9 Persistent Asset Partners Ltd 0.06% 2,528 $165K
10 Boothbay Fund Management, LLC 0.04% 42,080 $2.7M
11 Carlyle Group Inc. 0.02% 38,620 $2.5M
12 ExodusPoint Capital Management, LP 0.01% 22,000 $1.4M
13 Alyeska Investment Group, L.P. 0.01% 51,671 $3.4M
14 Balyasny Asset Management L.P. 0.00% 40,000 $2.6M
15 Millennium Management LLC 0.00% 111,888 $7.3M
16 Citadel Advisors LLC 0.00% 69,999 $4.6M
17 Sound Income Strategies, LLC 0.00% 200 $14K
18 Wellington Management Group LLP 0.00% 48,796 $3.2M
19 Caldwell Sutter Capital, INC. 0.00% 13 —
20 Tower Research Capital LLC (TRC) 0.00% 140 $9K
21 Goldman Sachs Group Inc 0.00% 5,506 $360K
22 UBS Group AG 0.00% 3,919 $256K
23 Citigroup Inc 0.00% 939 $61K
24 BlackRock, Inc. 0.00% 16,938 $1.1M
25 Jones Financial Companies Lllp 0.00% 193 $12K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Spruce Biosciences Inc (SPRB)

What does the Smart Money Trend signal show for SPRB?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their SPRB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for SPRB?

More sellers than buyers — 47% buying: Last quarter: 16 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for SPRB holders?

Strong quality — 36% AUM from major funds: 10 of 30 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held SPRB?

Mixed — 37% long-term, 40% new: Of the 30 current holders: 11 (37%) held >2 years, 7 held 1–2 years, and 12 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

Is it too late to buy Spruce Biosciences Inc (SPRB) following the 2026 Q1 hedge fund 13F filings?

As of today, SPRB has moved -7.9% since the 2026 Q1 13F filing date (May 15, 2026), compared to +4.3% for the XLV sector ETF — an outperformance of -12.2%. Since the quarter end (March 31, 2026), SPRB has gained -24.2% vs +3.2% for XLV. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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