ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Down 6.3% – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) was down 6.3% during mid-day trading on Thursday . The company traded as low as $6.10 and last traded at $5.98. Approximately 131,845 shares traded hands during trading, a decline of 92% from the average daily volume of 1,747,773 shares. The stock had previously closed at $6.38.

Analyst Upgrades and Downgrades

SPRY has been the topic of several analyst reports. Wall Street Zen raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings lowered ARS Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. Leerink Partners cut their target price on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Finally, 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 note on Thursday, May 28th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ARS Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $28.20.

ARS Pharmaceuticals Price Performance

The stock’s 50-day simple moving average is $7.40 and its 200 day simple moving average is $8.21. The company has a quick ratio of 3.28, a current ratio of 3.48 and a debt-to-equity ratio of 13.72. The company has a market cap of $576.81 million, a price-to-earnings ratio of -2.66 and a beta of 0.98.

ARS Pharmaceuticals (NASDAQ:SPRY) last announced its earnings results on Thursday, August 13th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.15). ARS Pharmaceuticals had a negative return on equity of 256.67% and a negative net margin of 184.24%.The company had revenue of $33.66 million for the quarter, compared to analysts’ expectations of $31.32 million. On average, equities research analysts anticipate that ARS Pharmaceuticals, Inc. will post -1.9 EPS for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In related news, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction that occurred 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 completion of the sale, the insider owned 12,176 shares in the company, valued at approximately $121,760. This trade represents a 67.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value 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. The trade was a 3.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of ARS Pharmaceuticals in the second quarter valued at $42,544,000. Rubric Capital Management LP lifted its stake in ARS Pharmaceuticals by 247.5% during the 3rd quarter. Rubric Capital Management LP now owns 4,500,000 shares of the company’s stock worth $45,225,000 after acquiring an additional 3,205,122 shares in the last quarter. Millennium Management LLC acquired a new position in ARS Pharmaceuticals during the 4th quarter worth about $36,912,000. Adage Capital Partners GP L.L.C. purchased a new position in ARS Pharmaceuticals during the 2nd quarter valued at about $30,154,000. Finally, UBS Group AG boosted its holdings in ARS Pharmaceuticals by 235.0% during the 4th quarter. UBS Group AG now owns 2,210,866 shares of the company’s stock valued at $25,757,000 after acquiring an additional 1,550,980 shares during the period. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.