ARS Pharmaceuticals (NASDAQ:SPRY) Announces Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Key Points

• ARS Pharmaceuticals reported quarterly earnings of ($0.46) EPS, missing expectations by $0.05, while revenue exceeded estimates at $15.72 million.
• The company's stock fell 5.0% during trading, with a current price of $15.82, reflecting overall market reaction to the earnings report.
• Insiders have recently sold over 1 million shares of ARS Pharmaceuticals stock, indicating potential concerns about the company's performance amid a significant drop in insider ownership.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.05), Zacks reports. The company had revenue of $15.72 million during the quarter, compared to analyst estimates of $12.92 million. ARS Pharmaceuticals had a negative return on equity of 6.94% and a negative net margin of 16.11%.

ARS Pharmaceuticals Trading Down 5.0%

NASDAQ:SPRY traded down $0.84 during mid-day trading on Wednesday, hitting $15.82. The company had a trading volume of 4,311,870 shares, compared to its average volume of 1,523,657. ARS Pharmaceuticals has a fifty-two week low of $10.00 and a fifty-two week high of $18.90. The business's fifty day moving average is $16.79 and its two-hundred day moving average is $14.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 10.74 and a current ratio of 11.00. The firm has a market cap of $1.55 billion, a P/E ratio of -98.87 and a beta of 0.90.

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, Director Brent L. Saunders sold 120,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $14.25, for a total value of $1,710,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander A. Fitzpatrick sold 102,969 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $14.10, for a total value of $1,451,862.90. Following the transaction, the insider owned 89,613 shares of the company's stock, valued at $1,263,543.30. This represents a 53.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,043,118 shares of company stock valued at $18,024,863 over the last 90 days. Insiders own 33.50% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in ARS Pharmaceuticals by 7.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 34,560 shares of the company's stock worth $603,000 after acquiring an additional 2,357 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of ARS Pharmaceuticals in the first quarter worth approximately $140,000. Rhumbline Advisers raised its stake in shares of ARS Pharmaceuticals by 16.5% in the second quarter. Rhumbline Advisers now owns 81,261 shares of the company's stock worth $1,418,000 after purchasing an additional 11,495 shares during the last quarter. Royal Bank of Canada increased its position in shares of ARS Pharmaceuticals by 1,075.3% during the first quarter. Royal Bank of Canada now owns 18,547 shares of the company's stock valued at $234,000 after acquiring an additional 16,969 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in ARS Pharmaceuticals by 55.1% during the second quarter. Legal & General Group Plc now owns 54,825 shares of the company's stock valued at $957,000 after purchasing an additional 19,484 shares during the period. 68.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $31.00.

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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