ARS Pharmaceuticals (NASDAQ:SPRY) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

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

ARS Pharmaceuticals Stock Performance

NASDAQ SPRY traded up $0.95 during trading hours on Monday, hitting $9.80. The company had a trading volume of 693,170 shares, compared to its average volume of 1,815,512. The business has a 50 day moving average of $9.97 and a 200-day moving average of $13.57. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.98 and a current ratio of 6.17. ARS Pharmaceuticals has a 1-year low of $8.05 and a 1-year high of $18.90. The company has a market cap of $968.73 million, a PE ratio of -20.04 and a beta of 0.83.

Insiders Place Their Bets

In other news, CFO Kathleen D. Scott sold 12,500 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $15.00, for a total value of $187,500.00. Following the completion of the transaction, the chief financial officer owned 10,042 shares in the company, valued at $150,630. This trade represents a 55.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sarina Tanimoto sold 37,656 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.09, for a total transaction of $530,573.04. Following the completion of the transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 112,500 shares of company stock worth $1,615,759. Corporate insiders own 33.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. increased its position in ARS Pharmaceuticals by 52.8% during the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock worth $91,000 after purchasing an additional 1,803 shares in the last quarter. BNP Paribas Financial Markets raised 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 buying an additional 2,245 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of ARS Pharmaceuticals during the first quarter valued at approximately $140,000. Royal Bank of Canada boosted its position in 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 acquiring an additional 16,969 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its position in ARS Pharmaceuticals by 6.7% during the second quarter. Cresset Asset Management LLC now owns 30,152 shares of the company’s stock worth $526,000 after acquiring an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 68.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research report on Wednesday, October 8th. Zacks Research downgraded ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Raymond James Financial set a $32.00 target price on ARS Pharmaceuticals in a research note on Friday, September 26th. Roth Capital assumed coverage on ARS Pharmaceuticals in a research report on Tuesday, November 4th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Wall Street Zen lowered shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, ARS Pharmaceuticals has an average rating of “Moderate Buy” and an average 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.