ARS Pharmaceuticals (NASDAQ:SPRY) Reaches New 52-Week Low - What's Next?

Key Points

• ARS Pharmaceuticals hit a new 52-week low at $9.38 during trading, reflecting ongoing market struggles.
• The company reported a quarterly earnings miss, posting a loss of ($0.46) per share compared to the expected ($0.41).
• Wall Street analysts have mixed opinions on the stock, with one upgrade to a "buy" rating and a $40 price target while others downgraded it to a "sell."

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $9.38 and last traded at $9.44, with a volume of 784137 shares changing hands. The stock had previously closed at $9.63.

Analyst Upgrades and Downgrades

SPRY has been the subject of a number of research reports. Wall Street Zen lowered ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Roth Capital initiated coverage on ARS Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $40.00 price target for the company. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $32.50.

ARS Pharmaceuticals Price Performance

The company has a quick ratio of 5.98, a current ratio of 6.17 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $925.54 million, a price-to-earnings ratio of -19.17 and a beta of 0.87. The stock's 50 day moving average price is $14.01 and its two-hundred day moving average price is $14.28.

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

Insiders Place Their Bets

In other ARS Pharmaceuticals news, CFO Kathleen D. Scott sold 12,500 shares of the stock in a transaction 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder James E. Flynn sold 740,149 shares of the stock in a transaction 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 directly owned 4,887,254 shares in the company, valued at $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. Insiders sold a total of 867,649 shares of company stock valued at $15,533,760 in the last three months. Company insiders own 33.50% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Alliancebernstein L.P. grew its position in shares of ARS Pharmaceuticals by 1.1% in the first quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company's stock valued at $49,349,000 after purchasing an additional 42,071 shares during the last quarter. Vanguard Group Inc. grew its position in ARS Pharmaceuticals by 0.7% during the first quarter. Vanguard Group Inc. now owns 3,488,293 shares of the company's stock worth $43,883,000 after buying an additional 23,341 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in ARS Pharmaceuticals during the second quarter worth about $30,154,000. Cormorant Asset Management LP grew its position in ARS Pharmaceuticals by 220.0% during the first quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company's stock worth $20,128,000 after buying an additional 1,100,000 shares in the last quarter. Finally, Aberdeen Group plc grew its position in ARS Pharmaceuticals by 49.9% during the second quarter. Aberdeen Group plc now owns 1,502,575 shares of the company's stock worth $26,220,000 after buying an additional 499,916 shares in the last quarter. 68.16% of the stock is owned by institutional investors and hedge funds.

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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