ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 1-Year Low – Time to Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price reached a new 52-week low on Friday . The company traded as low as $9.95 and last traded at $9.91, with a volume of 442207 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

SPRY has been the topic of a number of analyst reports. Wall Street Zen lowered shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Roth Capital started coverage on shares of ARS Pharmaceuticals in a research note on Thursday, September 4th. They issued a “buy” rating and a $40.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $32.50.

ARS Pharmaceuticals Trading Down 1.2%

The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.98 and a current ratio of 6.17. The firm has a market cap of $991.26 million, a PE ratio of -20.47 and a beta of 0.87. The stock’s 50 day simple moving average is $15.27 and its 200 day simple moving average is $14.35.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05). ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.The company had revenue of $15.72 million during the quarter, compared to analysts’ expectations of $12.92 million. On average, sell-side analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at ARS Pharmaceuticals

In other news, insider Eric Karas sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $16.99, for a total value of $254,850.00. Following the completion of the sale, the insider directly owned 10,315 shares in the company, valued at approximately $175,251.85. The trade was a 59.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard E. Lowenthal sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $14.49, for a total transaction of $724,500.00. Following the completion of the sale, the chief executive officer owned 1,196,494 shares of the company’s stock, valued at approximately $17,337,198.06. The trade was a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 882,649 shares of company stock worth $15,773,760. Corporate insiders own 33.50% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. lifted its holdings in shares of 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. Rafferty Asset Management LLC raised its holdings in ARS Pharmaceuticals by 7.3% during the 2nd quarter. Rafferty Asset Management LLC now owns 80,846 shares of the company’s stock valued at $1,411,000 after buying an additional 5,524 shares during the last quarter. Rubric Capital Management LP raised its holdings in ARS Pharmaceuticals by 25.8% during the 2nd quarter. Rubric Capital Management LP now owns 1,294,878 shares of the company’s stock valued at $22,596,000 after buying an additional 265,777 shares during the last quarter. Octagon Capital Advisors LP raised its holdings in ARS Pharmaceuticals by 116.0% during the 2nd quarter. Octagon Capital Advisors LP now owns 1,350,000 shares of the company’s stock valued at $23,558,000 after buying an additional 725,000 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in ARS Pharmaceuticals by 58.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company’s stock valued at $106,000 after buying an additional 2,245 shares during the last quarter. 68.16% of the stock is currently owned by institutional investors.

ARS Pharmaceuticals Company Profile

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.