ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Given Consensus Rating of "Buy" by Brokerages

Key Points

• ARS Pharmaceuticals, Inc. has received a consensus rating of "Buy" from six research firms, with an average price target of $31.00.
• The company's recent quarterly earnings report indicated earnings per share of ($0.35), meeting analysts' expectations, while revenue of $7.97 million surpassed projections.
• Institutional investors hold a significant stake in ARS Pharmaceuticals, owning 68.16% of the company's stock, with notable increases by firms like Allspring Global Investments and Wells Fargo.

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) have been given an average recommendation of "Buy" by the six research firms that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $31.00.

Separately, Wall Street Zen lowered shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, July 26th.

ARS Pharmaceuticals Trading Down 0.4%

Shares of SPRY stock traded down $0.08 on Tuesday, reaching $17.57. 247,291 shares of the stock were exchanged, compared to its average volume of 1,493,002. The company has a quick ratio of 10.74, a current ratio of 11.00 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.73 billion, a P/E ratio of -109.74 and a beta of 0.90. The firm has a 50 day moving average of $16.65 and a two-hundred day moving average of $14.25. ARS Pharmaceuticals has a 1-year low of $9.67 and a 1-year high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). The company had revenue of $7.97 million during the quarter, compared to analyst estimates of $7.48 million. ARS Pharmaceuticals had a negative return on equity of 6.94% and a negative net margin of 16.11%. On average, research analysts anticipate that ARS Pharmaceuticals will post -0.55 EPS for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, Director Brent L. Saunders sold 120,000 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $14.25, for a total value of $1,710,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James E. Flynn sold 740,149 shares of the firm's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $18.46, for a total transaction of $13,663,150.54. Following the sale, the insider directly owned 4,887,254 shares of the company's stock, valued at approximately $90,218,708.84. The trade was a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,043,118 shares of company stock worth $18,024,863. Insiders own 33.50% of the company's stock.

Institutional Trading of ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of SPRY. Sei Investments Co. purchased a new position in ARS Pharmaceuticals in the fourth quarter valued at about $1,142,000. KLP Kapitalforvaltning AS acquired a new position in shares of ARS Pharmaceuticals in the 4th quarter valued at approximately $73,000. LPL Financial LLC boosted its stake in shares of ARS Pharmaceuticals by 11.4% during the 4th quarter. LPL Financial LLC now owns 21,408 shares of the company's stock valued at $226,000 after buying an additional 2,190 shares during the last quarter. Vanguard Group Inc. grew its position in shares of ARS Pharmaceuticals by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 3,464,952 shares of the company's stock worth $36,555,000 after buying an additional 115,656 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of ARS Pharmaceuticals by 73.6% in the fourth quarter. JPMorgan Chase & Co. now owns 31,112 shares of the company's stock worth $328,000 after buying an additional 13,190 shares during the last quarter. 68.16% of the stock is 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.