ARS Pharmaceuticals (NASDAQ:SPRY) Posts Quarterly Earnings Results

ARS Pharmaceuticals (NASDAQ:SPRY) posted its quarterly earnings results on Monday. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.07), Zacks reports. The firm had revenue of $32.50 million for the quarter, compared to the consensus estimate of $28.87 million. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.

ARS Pharmaceuticals Stock Down 1.2%

Shares of ARS Pharmaceuticals stock traded down $0.11 during trading on Tuesday, reaching $8.77. The company’s stock had a trading volume of 3,148,772 shares, compared to its average volume of 1,834,315. ARS Pharmaceuticals has a 1-year low of $8.05 and a 1-year high of $18.90. The company has a 50-day simple moving average of $9.92 and a two-hundred day simple moving average of $13.53. The company has a quick ratio of 5.98, a current ratio of 6.17 and a debt-to-equity ratio of 0.37. The company has a market cap of $866.70 million, a price-to-earnings ratio of -17.90 and a beta of 0.83.

Insider Buying and Selling at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 37,656 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.09, for a total value of $530,573.04. Following the completion of the sale, the insider owned 1,247,447 shares of the company’s stock, valued at approximately $17,576,528.23. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard E. Lowenthal sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $14.49, for a total transaction of $724,500.00. Following the transaction, the chief executive officer owned 1,196,494 shares in the company, valued at approximately $17,337,198.06. This trade represents a 4.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 112,500 shares of company stock worth $1,615,759. 33.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPRY. Roth Capital initiated coverage on shares of ARS Pharmaceuticals in a research note on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Raymond James Financial set a $32.00 target price on ARS Pharmaceuticals in a report on Friday, September 26th. Finally, Zacks Research downgraded ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ARS Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.80.

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.