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

Key Points

• ARS Pharmaceuticals has reached a new 52-week low of $9.91, dropping from a previous close of $10.15, amidst a trading volume of 442,207 shares.
• Brokerage ratings for the stock vary, with Roth Capital issuing a "buy" rating and a $40.00 price target, while Wall Street Zen downgraded it to "sell."
• The company reported a **loss per share of ($0.46)** for its latest quarter, missing estimates, but had a revenue of $15.72 million, exceeding consensus expectations.

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 $9.95 and last traded at $9.91, with a volume of 442207 shares changing hands. The stock had previously closed at $10.15.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SPRY. Roth Capital began coverage on shares of ARS Pharmaceuticals in a research note on Thursday, September 4th. They issued a "buy" rating and a $40.00 price objective for the company. Wall Street Zen cut shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $32.50.

ARS Pharmaceuticals Trading Down 2.9%

The company's fifty day moving average price is $15.40 and its two-hundred day moving average price is $14.32. The company has a current ratio of 6.17, a quick ratio of 5.98 and a debt-to-equity ratio of 0.37. The firm has a market cap of $974.46 million, a P/E ratio of -20.18 and a beta of 0.87.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 13th. The company reported ($0.46) EPS 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 for the quarter, compared to the consensus estimate of $12.92 million. As a group, sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Sarina Tanimoto sold 37,656 shares of ARS Pharmaceuticals stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.09, for a total value of $530,573.04. Following the sale, the insider directly owned 1,247,447 shares in the company, valued at $17,576,528.23. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Karas sold 15,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $16.99, for a total transaction of $254,850.00. Following the completion of the transaction, the insider directly owned 10,315 shares of the company's stock, valued at $175,251.85. This represents a 59.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 882,649 shares of company stock worth $15,773,760 over the last ninety days. Company insiders own 33.50% of the company's stock.

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. Bernard Wealth Management Corp. bought a new position in ARS Pharmaceuticals in the 4th quarter valued at about $27,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of ARS Pharmaceuticals during the first quarter worth about $37,000. GAMMA Investing LLC grew its holdings in shares of ARS Pharmaceuticals by 4,319.7% during the first quarter. GAMMA Investing LLC now owns 3,359 shares of the company's stock worth $420,000 after purchasing an additional 3,283 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in ARS Pharmaceuticals by 78,100.0% in the first quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock valued at $49,000 after acquiring an additional 3,905 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in ARS Pharmaceuticals by 52.8% in the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company's stock valued at $91,000 after acquiring an additional 1,803 shares during the last quarter. 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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