ARS Pharmaceuticals (NASDAQ:SPRY) Sees Strong Trading Volume - Time to Buy?

Key Points

• Trading volume surged 73% to nearly 2.93 million shares, while ARS Pharmaceuticals closed at $5.656, down 2.4% and well below its 50-day and 200-day moving averages.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $28.20 versus the current price, although ratings range from Buy to Sell.
• The company remains unprofitable, reporting a quarterly EPS loss of $0.61 versus an expected loss of $0.53, while insiders recently sold shares under pre-arranged trading plans.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares saw unusually-strong trading volume on Wednesday . 2,930,969 shares were traded during trading, an increase of 73% from the previous session's volume of 1,692,701 shares.The stock last traded at $5.6560 and had previously closed at $5.67.

Analyst Ratings Changes

A number of research firms have recently commented on SPRY. Weiss Ratings raised ARS Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 1st. Wall Street Zen upgraded shares of ARS Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 16th. Northland Securities began coverage on ARS Pharmaceuticals in a research note on Thursday, April 9th. They issued an "outperform" rating and a $25.00 price target for the company. Cantor Fitzgerald increased their price target on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Finally, Leerink Partners dropped their target price on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Thursday, June 25th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.20.

ARS Pharmaceuticals Trading Down 2.4%

The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. The stock has a 50 day moving average price of $8.33 and a 200 day moving average price of $8.78. The company has a market cap of $549.63 million, a PE ratio of -2.76 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.61) earnings per share for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%.The firm had revenue of $22.68 million during the quarter, compared to analysts' expectations of $22.20 million. Sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -1.95 EPS for the current fiscal year.

Insider Activity

In other news, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. Following the transaction, the insider directly owned 12,176 shares of the company's stock, valued at $121,760. The trade was a 67.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the sale, the insider directly owned 90,910 shares in the company, valued at approximately $909,100. This represents a 3.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is owned by corporate insiders.

Institutional Trading of ARS Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Torren Management LLC purchased a new position in ARS Pharmaceuticals in the fourth quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of ARS Pharmaceuticals by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company's stock valued at $56,000 after purchasing an additional 982 shares during the last quarter. Bessemer Group Inc. raised its holdings in ARS Pharmaceuticals by 3,102.1% during the 1st quarter. Bessemer Group Inc. now owns 7,525 shares of the company's stock valued at $61,000 after buying an additional 7,290 shares during the period. Osterweis Capital Management Inc. bought a new stake in ARS Pharmaceuticals in the fourth quarter worth $65,000. Finally, Russell Investments Group Ltd. boosted its stake in ARS Pharmaceuticals by 197.5% during the third quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company's stock worth $67,000 after buying an additional 4,427 shares during the period. 68.16% of the stock is owned by hedge funds and other 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.