ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down on Disappointing Earnings

Key Points

• ARS Pharmaceuticals shares fell sharply, opening at $5.10 versus a prior close of $6.10, after the company reported a quarterly loss of $0.63 per share—worse than the $0.48 consensus estimate.
• Revenue totaled $33.66 million, exceeding expectations of $31.32 million, with neffy generating $26.2 million in U.S. product revenue and capturing a 5% share of the U.S. epinephrine market for Type 1 allergies.
• Management is pursuing a more focused commercial strategy, but continued heavy losses and potential investor litigation tied to CVS Caremark’s neffy coverage decision remain significant risks.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.10, but opened at $5.10. ARS Pharmaceuticals shares last traded at $5.5360, with a volume of 594,956 shares traded.

The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.15). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The firm had revenue of $33.66 million for the quarter, compared to analyst estimates of $31.32 million.

More ARS Pharmaceuticals News

Here are the key news stories impacting ARS Pharmaceuticals this week:

• Positive Sentiment: ARS Pharmaceuticals reported $33.66 million in second-quarter revenue, exceeding analyst expectations of $31.32 million. U.S. neffy net product revenue reached $26.2 million, while the product captured 5% of the U.S. epinephrine market for Type 1 allergies and 8% within field-targeted accounts. ARS Pharmaceuticals second-quarter results and strategic priorities
• Neutral Sentiment: Management outlined a more focused commercial strategy during its second-quarter earnings call. The approach could improve spending discipline, but investors will likely look for evidence that the strategy can expand neffy adoption and support a path toward profitability. ARS Pharmaceuticals Q2 2026 earnings call transcript
• Negative Sentiment: The company posted a second-quarter loss of $0.63 per share, wider than analysts’ consensus estimate of approximately $0.48 per share and the $0.46 loss reported a year earlier. The result underscores continued heavy losses, with negative net margin and return on equity. ARS Pharmaceuticals quarterly earnings report
• Negative Sentiment: Multiple law firms are promoting a securities class action covering investors who purchased SPRY between March 9 and June 24, 2026. The allegations focus on disclosures concerning CVS Caremark’s formulary decision and the risk that neffy coverage could be delayed until January 2027. The litigation creates an additional reputational and potential financial overhang, although the allegations have not been proven. SPRY securities class action deadline alert

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SPRY shares. Cantor Fitzgerald upped their price target 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. 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 report on Thursday, June 25th. Wall Street Zen raised shares of ARS Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings upgraded shares of ARS Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 1st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.20.

Insiders Place Their Bets

In other ARS Pharmaceuticals news, insider Eric Karas sold 25,000 shares of the business's 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 sale, the insider owned 12,176 shares in the company, valued at approximately $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 accessible through 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 stock was sold at an average price of $10.00, for a total transaction of $33,550.00. Following the completion of the transaction, the insider owned 90,910 shares of the company's stock, valued at approximately $909,100. The trade was 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. Company insiders own 33.80% of the company's stock.

Institutional Trading of ARS Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Rubric Capital Management LP grew its holdings in shares of ARS Pharmaceuticals by 29.0% during the first quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company's stock valued at $64,240,000 after buying an additional 1,800,000 shares in the last quarter. BlackRock Inc. purchased a new position in ARS Pharmaceuticals during the 2nd quarter valued at about $42,544,000. Vanguard Group Inc. increased its holdings in shares of ARS Pharmaceuticals by 7.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,500,303 shares of the company's stock valued at $35,178,000 after purchasing an additional 237,630 shares during the period. State Street Corp increased its holdings in shares of ARS Pharmaceuticals by 11.3% in the 4th quarter. State Street Corp now owns 3,223,581 shares of the company's stock valued at $37,555,000 after purchasing an additional 328,325 shares during the period. Finally, Millennium Management LLC purchased a new stake in shares of ARS Pharmaceuticals in the fourth quarter worth approximately $36,912,000. Hedge funds and other institutional investors own 68.16% of the company's stock.

ARS Pharmaceuticals Stock Down 6.3%

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 $567.80 million, a PE ratio of -2.81 and a beta of 0.98. The business's 50-day moving average price is $7.63 and its 200-day moving average price is $8.33.

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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