ARS Pharmaceuticals (NASDAQ:SPRY) Reaches New 12-Month Low - Here's What Happened

Key Points

• ARS Pharmaceuticals shares hit a new 52-week low, trading as low as $9.25, following recent downgrades from analysts, including Zacks Research, which changed its rating to "strong sell."
• The company reported a loss of ($0.46) EPS in its last quarterly earnings, missing expectations, although it exceeded revenue estimates with $15.72 million for the quarter.
• Significant insider selling occurred, with CFO and CEO collectively selling approximately 62,500 shares valued at over $900,000, indicating a 4.01% and 55.45% reduction in their ownership stakes, respectively.

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $9.25 and last traded at $9.24, with a volume of 905300 shares. The stock had previously closed at $9.65.

Analyst Ratings Changes

SPRY has been the topic of several recent analyst reports. Zacks Research downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "strong sell" rating in a report on Wednesday. Raymond James Financial set a $32.00 target price on ARS Pharmaceuticals in a research note on Friday, September 26th. Roth Capital started coverage on shares of ARS Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $40.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ARS Pharmaceuticals in a report on Friday. Finally, Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.80.

ARS Pharmaceuticals Stock Performance

The firm has a market capitalization of $901.79 million, a PE ratio of -18.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 6.17 and a quick ratio of 5.98. The stock has a 50-day moving average price of $11.02 and a 200-day moving average price of $13.97.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.05). The firm had revenue of $15.72 million for the quarter, compared to analyst estimates of $12.92 million. ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. On average, research analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $15.00, for a total transaction of $187,500.00. Following the transaction, the chief financial officer directly owned 10,042 shares of the company's stock, valued at approximately $150,630. The trade was a 55.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard E. Lowenthal sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $14.49, for a total value of $724,500.00. Following the completion of the sale, the chief executive officer owned 1,196,494 shares in the company, valued at approximately $17,337,198.06. This represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,500 shares of company stock valued at $1,615,759 in the last three months. 33.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC raised its position in shares of ARS Pharmaceuticals by 243.7% in the third quarter. CWM LLC now owns 2,547 shares of the company's stock valued at $26,000 after purchasing an additional 1,806 shares during the period. ANTIPODES PARTNERS Ltd bought a new stake in ARS Pharmaceuticals in the 1st quarter worth about $37,000. PNC Financial Services Group Inc. increased its stake in ARS Pharmaceuticals by 78,100.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock worth $49,000 after acquiring an additional 3,905 shares during the last quarter. Osaic Holdings Inc. raised its holdings in ARS Pharmaceuticals by 52.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company's stock worth $91,000 after purchasing an additional 1,803 shares in the last quarter. Finally, CX Institutional bought a new position in ARS Pharmaceuticals during the 3rd quarter valued at about $92,000. 68.16% of the stock is owned by institutional investors.

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.

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