ARS Pharmaceuticals (NASDAQ:SPRY) Trading 5.6% Higher - Here's Why

Key Points

• ARS Pharmaceuticals shares rose 5.6% to about $5.97, although trading volume was 80% below the average daily level.
• Analyst sentiment remains broadly positive: the stock carries a “Moderate Buy” consensus rating and an average price target of $28.20, including Cantor Fitzgerald’s increase to $30.
• The company missed quarterly EPS expectations, reporting a loss of $0.63 per share versus the projected $0.48 loss, despite revenue of $33.66 million exceeding estimates.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares were up 5.6% during trading on Monday . The stock traded as high as $5.90 and last traded at $5.9650. 352,616 shares traded hands during trading, a decline of 80% from the average daily volume of 1,746,268 shares. The stock had previously closed at $5.65.

Analyst Ratings Changes

SPRY has been the topic of several analyst reports. Cantor Fitzgerald upped their target price on 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 shares of ARS Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 1st. 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, Leerink Partners decreased 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 report on Thursday, June 25th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ARS Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $28.20.

ARS Pharmaceuticals Stock Up 4.5%

The firm has a market cap of $586.37 million, a price-to-earnings ratio of -2.71 and a beta of 0.98. The firm has a 50 day moving average of $7.58 and a 200 day moving average of $8.29. The company has a quick ratio of 3.28, a current ratio of 3.48 and a debt-to-equity ratio of 13.72.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.15). The business had revenue of $33.66 million during the quarter, compared to analyst estimates of $31.32 million. ARS Pharmaceuticals had a negative net margin of 184.24% and a negative return on equity of 256.67%. As a group, sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Alexander A. Fitzpatrick sold 3,355 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the sale, the insider directly owned 90,910 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider owned 12,176 shares of the company's stock, valued at $121,760. The trade was a 67.25% 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. Insiders own 33.80% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Torren Management LLC acquired a new stake in shares of ARS Pharmaceuticals in the 4th quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. raised its stake in 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 worth $56,000 after buying an additional 982 shares during the period. 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 worth $91,000 after acquiring an additional 1,803 shares in the last quarter. Osterweis Capital Management Inc. bought a new position in ARS Pharmaceuticals in the fourth quarter worth approximately $65,000. Finally, BNP Paribas Financial Markets grew its stake in ARS Pharmaceuticals by 58.3% in the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company's stock valued at $106,000 after acquiring an additional 2,245 shares during the period. 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.

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