ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down Following Analyst Downgrade

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped down before the market opened on Thursday after Leerink Partners lowered their price target on the stock from $25.00 to $24.00. The stock had previously closed at $10.54, but opened at $7.79. Leerink Partners currently has an outperform rating on the stock. ARS Pharmaceuticals shares last traded at $7.53, with a volume of 1,021,475 shares trading hands.

Several other research firms have also recently commented on SPRY. Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Cantor Fitzgerald boosted their price target on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Zacks Research raised ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Wall Street Zen raised ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Northland Securities assumed coverage on shares of ARS Pharmaceuticals in a report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.20.

Insider Activity at ARS Pharmaceuticals

In related news, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was 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 $909,100. The trade was a 3.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the transaction, the insider directly owned 12,176 shares of the company’s stock, valued at approximately $121,760. The trade was 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. 33.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SPRY. Torren Management LLC bought a new stake in ARS Pharmaceuticals in the fourth quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of ARS Pharmaceuticals by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock valued at $56,000 after purchasing an additional 982 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of ARS Pharmaceuticals by 3,102.1% during the 1st quarter. Bessemer Group Inc. now owns 7,525 shares of the company’s stock valued at $61,000 after purchasing an additional 7,290 shares in the last quarter. Osterweis Capital Management Inc. acquired a new position in shares of ARS Pharmaceuticals in the 4th quarter worth approximately $65,000. Finally, Russell Investments Group Ltd. grew its stake in shares of ARS Pharmaceuticals by 197.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company’s stock worth $67,000 after purchasing an additional 4,427 shares during the last quarter. 68.16% of the stock is owned by institutional investors and hedge funds.

ARS Pharmaceuticals Price Performance

The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. The business’s fifty day moving average is $8.71 and its 200 day moving average is $9.34. The firm has a market capitalization of $848.02 million, a P/E ratio of -4.25 and a beta of 0.94.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its 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 analyst estimates of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. As a group, analysts forecast that ARS Pharmaceuticals, Inc. will post -1.89 EPS for the current year.

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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.