ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 8.2% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) dropped 8.2% during mid-day trading on Friday . The stock traded as low as $5.18 and last traded at $5.17. Approximately 1,306,743 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 1,726,126 shares. The stock had previously closed at $5.63.

Analyst Ratings Changes

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

ARS Pharmaceuticals Trading Down 8.9%

The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94. The firm’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $8.66. The stock has a market cap of $509.41 million, a P/E ratio of -2.55 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results 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). ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%.The firm had revenue of $22.68 million during the quarter, compared to analyst estimates of $22.20 million. Equities research analysts expect that ARS Pharmaceuticals, Inc. will post -1.95 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On ARS Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. bought a new stake in ARS Pharmaceuticals in the second quarter worth approximately $1,407,000. Norman Fields Gottscho Capital Management LLC boosted its holdings in shares of ARS Pharmaceuticals by 78.4% during the 2nd quarter. Norman Fields Gottscho Capital Management LLC now owns 71,080 shares of the company’s stock worth $569,000 after buying an additional 31,230 shares in the last quarter. FAS Wealth Partners Inc. boosted its holdings in shares of ARS Pharmaceuticals by 1.5% during the 1st quarter. FAS Wealth Partners Inc. now owns 205,407 shares of the company’s stock worth $1,649,000 after buying an additional 3,000 shares in the last quarter. Alpine Woods Capital Investors LLC acquired a new stake in shares of ARS Pharmaceuticals during the 1st quarter worth approximately $80,000. Finally, ADAR1 Capital Management LLC grew its position in shares of ARS Pharmaceuticals by 268.4% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,361,536 shares of the company’s stock worth $10,933,000 after buying an additional 991,967 shares during the period. 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.