ARS Pharmaceuticals (NASDAQ:SPRY) Announces Earnings Results, Misses Estimates 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) released 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. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%. The business had revenue of $15.72 million for the quarter, compared to analyst estimates of $12.92 million.

ARS Pharmaceuticals Stock Performance

Shares of NASDAQ:SPRY traded down $0.50 during trading hours on Monday, hitting $14.03. The stock had a trading volume of 1,671,391 shares, compared to its average volume of 1,621,259. The stock's fifty day simple moving average is $16.84 and its 200 day simple moving average is $14.33. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -28.63 and a beta of 0.90. 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 has a 1-year low of $10.00 and a 1-year high of $18.90.

Insider Buying and Selling at ARS Pharmaceuticals

In related 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 legal filing with the SEC, which is available through this link. Also, insider Alexander A. Fitzpatrick sold 102,969 shares of the business's stock in a transaction 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 trade represents a 53.47% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,043,118 shares of company stock valued at $18,024,863. 33.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in shares of ARS Pharmaceuticals by 1,075.3% during the 1st quarter. Royal Bank of Canada now owns 18,547 shares of the company's stock worth $234,000 after buying an additional 16,969 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of ARS Pharmaceuticals during the first quarter valued at approximately $140,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in ARS Pharmaceuticals by 13.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 279,840 shares of the company's stock worth $3,520,000 after purchasing an additional 32,526 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in ARS Pharmaceuticals by 7.3% during the second quarter. JPMorgan Chase & Co. now owns 34,560 shares of the company's stock worth $603,000 after purchasing an additional 2,357 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in ARS Pharmaceuticals by 55.1% in the second quarter. Legal & General Group Plc now owns 54,825 shares of the company's stock worth $957,000 after purchasing an additional 19,484 shares during the period. Institutional investors own 68.16% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. One 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.00.

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.