ARS Pharmaceuticals (NASDAQ:SPRY) Sets New 52-Week Low – Time to Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares reached a new 52-week low during mid-day trading on Monday . The company traded as low as $6.61 and last traded at $6.5750, with a volume of 324921 shares. The stock had previously closed at $7.00.

Wall Street Analysts Forecast Growth

SPRY has been the subject of several recent research reports. Cantor Fitzgerald boosted their target price on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Wall Street Zen upgraded shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings upgraded shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Leerink Partners cut their price objective on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Finally, Northland Securities initiated coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ARS Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $28.20.

ARS Pharmaceuticals Price Performance

The company has a quick ratio of 4.77, a current ratio of 4.94 and a debt-to-equity ratio of 2.79. The firm has a market cap of $631.55 million, a PE ratio of -3.16 and a beta of 0.95. The firm’s fifty day simple moving average is $8.50 and its two-hundred day simple moving average is $8.97.

ARS Pharmaceuticals (NASDAQ:SPRY) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.08). The firm had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $22.20 million. ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%. As a group, research analysts expect that ARS Pharmaceuticals, Inc. will post -1.95 EPS for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Alexander A. Fitzpatrick sold 3,355 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the sale, the insider owned 90,910 shares in the company, valued at approximately $909,100. This represents a 3.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the sale, the insider directly owned 12,176 shares in the company, valued at approximately $121,760. This represents a 67.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.80% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors have recently made changes to their positions in SPRY. Royal Bank of Canada lifted its holdings in ARS Pharmaceuticals by 1,075.3% in the 1st quarter. Royal Bank of Canada now owns 18,547 shares of the company’s stock worth $234,000 after purchasing an additional 16,969 shares in the last quarter. AQR Capital Management LLC purchased a new stake in ARS Pharmaceuticals during the 1st quarter valued at approximately $140,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in ARS Pharmaceuticals by 13.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 279,840 shares of the company’s stock valued at $3,520,000 after buying an additional 32,526 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of ARS Pharmaceuticals by 7.3% during the second quarter. JPMorgan Chase & Co. now owns 34,560 shares of the company’s stock valued at $603,000 after buying an additional 2,357 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of ARS Pharmaceuticals by 55.1% during the second quarter. Legal & General Group Plc now owns 54,825 shares of the company’s stock valued at $957,000 after buying an additional 19,484 shares during the last quarter. Hedge funds and other institutional investors own 68.16% of the company’s stock.

About ARS Pharmaceuticals

ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.