ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Receives Average Rating of "Buy" from Analysts

Key Points

• ARS Pharmaceuticals has received a consensus rating of "Buy" from seven research firms, with an average price target of $32.50.
• Recent insider sales included the CFO offloading 12,500 shares and a major shareholder selling 740,149 shares, reducing their holdings significantly.
• The company reported a quarterly loss of ($0.46) EPS, failing to meet analysts' expectations while generating $15.72 million in revenue.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) has earned a consensus recommendation of "Buy" from the seven research firms that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $32.50.

Several brokerages recently weighed in on SPRY. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Roth Capital began coverage on shares of ARS Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $40.00 target price on the stock.

Insider Activity

In related news, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $15.00, for a total transaction of $187,500.00. Following the sale, the chief financial officer directly owned 10,042 shares of the company's stock, valued at $150,630. This represents a 55.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder James E. Flynn sold 740,149 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $18.46, for a total transaction of $13,663,150.54. Following the transaction, the insider owned 4,887,254 shares of the company's stock, valued at $90,218,708.84. This trade represents a 13.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 867,649 shares of company stock worth $15,533,760 over the last 90 days. Company insiders own 33.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in ARS Pharmaceuticals by 7.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 368,556 shares of the company's stock worth $4,636,000 after acquiring an additional 24,385 shares in the last quarter. Alliancebernstein L.P. grew its holdings in ARS Pharmaceuticals by 1.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company's stock worth $49,349,000 after acquiring an additional 42,071 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in ARS Pharmaceuticals during the 1st quarter worth approximately $189,000. Octagon Capital Advisors LP acquired a new position in ARS Pharmaceuticals during the 1st quarter worth approximately $7,862,000. Finally, Trexquant Investment LP grew its holdings in ARS Pharmaceuticals by 78.2% during the 1st quarter. Trexquant Investment LP now owns 100,769 shares of the company's stock worth $1,268,000 after acquiring an additional 44,206 shares in the last quarter. Institutional investors and hedge funds own 68.16% of the company's stock.

ARS Pharmaceuticals Price Performance

ARS Pharmaceuticals stock opened at $9.94 on Wednesday. The company's 50 day simple moving average is $14.18 and its 200-day simple moving average is $14.31. The company has a market capitalization of $982.33 million, a price-to-earnings ratio of -20.29 and a beta of 0.88. ARS Pharmaceuticals has a 1 year low of $9.38 and a 1 year high of $18.90. 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 (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.05). ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. The company had revenue of $15.72 million during the quarter, compared to analysts' expectations of $12.92 million. As a group, equities research analysts expect that ARS Pharmaceuticals will post -0.55 earnings per share for the current year.

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.

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