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

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.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price hit a new 52-week low during trading on Friday . The company traded as low as $9.95 and last traded at $9.91, with a volume of 442207 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPRY. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. 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. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $32.50.

ARS Pharmaceuticals Stock Up 2.4%

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 market capitalization of $952.72 million, a PE ratio of -19.74 and a beta of 0.87. The business's fifty day moving average price is $14.98 and its two-hundred day moving average price is $14.34.

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

Insider Buying and Selling

In other ARS Pharmaceuticals news, major shareholder James E. Flynn sold 740,149 shares of the company's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $18.46, for a total value of $13,663,150.54. Following the completion of the transaction, the insider owned 4,887,254 shares in the company, valued at approximately $90,218,708.84. This represents a 13.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $15.00, for a total transaction of $187,500.00. Following the completion of the transaction, the chief financial officer owned 10,042 shares of the company's stock, valued at approximately $150,630. This trade represents a 55.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 867,649 shares of company stock valued at $15,533,760 in the last 90 days. 33.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Osaic Holdings Inc. raised its position in shares of ARS Pharmaceuticals by 52.8% in the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company's stock worth $91,000 after acquiring an additional 1,803 shares during the period. Rafferty Asset Management LLC raised its position in shares of ARS Pharmaceuticals by 7.3% during the 2nd quarter. Rafferty Asset Management LLC now owns 80,846 shares of the company's stock worth $1,411,000 after purchasing an additional 5,524 shares during the last quarter. Rubric Capital Management LP raised its position in shares of ARS Pharmaceuticals by 25.8% during the 2nd quarter. Rubric Capital Management LP now owns 1,294,878 shares of the company's stock worth $22,596,000 after purchasing an additional 265,777 shares during the last quarter. Octagon Capital Advisors LP raised its position in shares of ARS Pharmaceuticals by 116.0% during the 2nd quarter. Octagon Capital Advisors LP now owns 1,350,000 shares of the company's stock worth $23,558,000 after purchasing an additional 725,000 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of ARS Pharmaceuticals by 58.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company's stock worth $106,000 after purchasing an additional 2,245 shares during the last quarter. Institutional investors and hedge funds own 68.16% of the company's stock.

About ARS Pharmaceuticals

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.