ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 5.2% - Here's Why

Key Points

• ARS Pharmaceuticals shares fell 5.2% on Friday, trading as low as $6.93 and finishing near $7.07 on lighter-than-normal volume.
• Despite the selloff, analysts remain mostly constructive: the stock has a Moderate Buy consensus rating and an average price target of $28.20, with several firms recently raising targets.
• The company reported a Q1 earnings miss, posting a loss of $0.61 per share versus expectations of a $0.53 loss, while revenue came in slightly above estimates at $22.68 million.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price traded down 5.2% during trading on Friday . The company traded as low as $6.93 and last traded at $7.07. 478,563 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 1,621,714 shares. The stock had previously closed at $7.46.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Northland Securities assumed coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They set an "outperform" rating and a $25.00 target price for the company. Cantor Fitzgerald boosted their target price on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Weiss Ratings upgraded ARS Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 1st. Leerink Partners reduced their price objective on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Thursday, June 25th. Finally, 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. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.20.

ARS Pharmaceuticals Trading Down 2.9%

The firm's 50-day simple moving average is $8.62 and its 200-day simple moving average is $9.07. The company has a quick ratio of 4.77, a current ratio of 4.94 and a debt-to-equity ratio of 2.79. The firm has a market capitalization of $719.53 million, a PE ratio of -3.61 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its earnings results 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 net margin of 200.00% and a negative return on equity of 153.61%. The company had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. Equities analysts expect that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In related news, insider Alexander A. Fitzpatrick sold 3,355 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was 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 of the company's stock, valued at $909,100. This trade represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of the business'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 $250,000.00. Following the transaction, the insider owned 12,176 shares in the company, valued at approximately $121,760. This represents a 67.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.80% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. purchased a new stake in ARS Pharmaceuticals in the second quarter worth $1,407,000. Norman Fields Gottscho Capital Management LLC increased its position in ARS Pharmaceuticals by 78.4% during the 2nd quarter. Norman Fields Gottscho Capital Management LLC now owns 71,080 shares of the company's stock valued at $569,000 after purchasing an additional 31,230 shares during the period. FAS Wealth Partners Inc. increased its position in ARS Pharmaceuticals by 1.5% during the 1st quarter. FAS Wealth Partners Inc. now owns 205,407 shares of the company's stock valued at $1,649,000 after purchasing an additional 3,000 shares during the period. Alpine Woods Capital Investors LLC bought a new position in ARS Pharmaceuticals in the 1st quarter worth $80,000. Finally, ADAR1 Capital Management LLC raised its holdings in ARS Pharmaceuticals by 268.4% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,361,536 shares of the company's stock worth $10,933,000 after purchasing an additional 991,967 shares in the last quarter. 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.

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