ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 5% - Here's What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price was down 5% during trading on Monday . The stock traded as low as $16.86 and last traded at $17.29. Approximately 328,729 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 1,322,991 shares. The stock had previously closed at $18.20.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of ARS Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday. Scotiabank initiated coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 target price on the stock. Finally, William Blair reissued an "outperform" rating on shares of ARS Pharmaceuticals in a report on Monday, March 3rd. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $31.00.

ARS Pharmaceuticals Stock Performance

The stock's 50-day simple moving average is $14.69 and its 200-day simple moving average is $13.07. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -100.60 and a beta of 0.84. The company has a current ratio of 11.00, a quick ratio of 10.74 and a debt-to-equity ratio of 0.30.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.35). The business had revenue of $7.97 million for the quarter, compared to the consensus estimate of $7.48 million. ARS Pharmaceuticals had a negative return on equity of 6.94% and a negative net margin of 16.11%. Analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kathleen D. Scott sold 50,000 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $14.10, for a total transaction of $705,000.00. Following the completion of the sale, the chief financial officer owned 7,424 shares of the company's stock, valued at $104,678.40. This represents a 87.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Eric Karas sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $16.00, for a total transaction of $240,000.00. Following the sale, the insider directly owned 7,696 shares of the company's stock, valued at approximately $123,136. This trade represents a 66.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,971 shares of company stock valued at $4,721,888 in the last ninety days. Insiders own 33.50% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of SPRY. Bernard Wealth Management Corp. acquired a new stake in shares of ARS Pharmaceuticals in the 4th quarter valued at approximately $27,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of ARS Pharmaceuticals during the first quarter worth $37,000. GAMMA Investing LLC increased 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 buying an additional 3,283 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of ARS Pharmaceuticals by 78,100.0% in the 1st 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, KLP Kapitalforvaltning AS bought a new stake in ARS Pharmaceuticals during the 4th quarter worth $73,000. Institutional investors 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.