ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 12-Month Low – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $5.76 and last traded at $5.7830, with a volume of 410739 shares trading hands. The stock had previously closed at $5.94.

Analysts Set New Price Targets

A number of brokerages have recently commented on SPRY. Leerink Partners decreased their price target on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. Northland Securities started coverage on shares of ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price objective for the company. 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. Cantor Fitzgerald increased their target price on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.20.

ARS Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 2.79, a current ratio of 4.94 and a quick ratio of 4.77. The company has a 50 day simple moving average of $8.39 and a 200-day simple moving average of $8.85. The firm has a market cap of $567.50 million, a PE ratio of -2.84 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.08). The business had revenue of $22.68 million for 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, equities research analysts anticipate 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 Eric Karas sold 25,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider directly owned 12,176 shares in the company, valued at $121,760. This represents a 67.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the sale, the insider owned 90,910 shares of the company’s stock, valued at approximately $909,100. The trade was a 3.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 33.80% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of large investors have recently bought and sold shares of SPRY. Torren Management LLC purchased a new stake in shares of ARS Pharmaceuticals during the fourth quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in ARS Pharmaceuticals by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock worth $56,000 after acquiring an additional 982 shares during the last quarter. Osaic Holdings Inc. grew its holdings in ARS Pharmaceuticals by 52.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock worth $91,000 after acquiring an additional 1,803 shares during the last quarter. Osterweis Capital Management Inc. bought a new stake in ARS Pharmaceuticals in the 4th quarter worth $65,000. Finally, BNP Paribas Financial Markets increased its position in shares of ARS Pharmaceuticals by 58.3% in the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company’s stock valued at $106,000 after acquiring an additional 2,245 shares during the period. 68.16% of the stock is owned by hedge funds and other institutional investors.

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.