ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 6.3% - Should You Sell?

Key Points

• ARS Pharmaceuticals' stock fell 6.3% to $16.39 amid a significant decline in trading volume.
• Wall Street analysts have downgraded the stock from a "hold" to a "sell" rating, resulting in a consensus target price of $31.00.
• Insiders have sold over 1 million shares of the company's stock in recent months, indicating a potential loss of confidence in the firm's future performance.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price fell 6.3% on Monday . The company traded as low as $16.45 and last traded at $16.39. 673,129 shares were traded during mid-day trading, a decline of 55% from the average session volume of 1,489,471 shares. The stock had previously closed at $17.50.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ARS Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

ARS Pharmaceuticals Stock Performance

The firm has a fifty day moving average of $16.71 and a 200-day moving average of $14.28. The firm has a market cap of $1.61 billion, a P/E ratio of -102.37 and a beta of 0.90. The company has a quick ratio of 10.74, a current ratio of 11.00 and a debt-to-equity ratio of 0.30.

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

Insider Activity

In other news, insider Eric Karas sold 15,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $16.99, for a total transaction of $254,850.00. Following the transaction, the insider owned 10,315 shares in the company, valued at $175,251.85. The trade was a 59.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brent L. Saunders sold 120,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $14.25, for a total value of $1,710,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,043,118 shares of company stock valued at $18,024,863. Insiders own 33.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of ARS Pharmaceuticals during the 2nd quarter worth approximately $1,774,000. Intech Investment Management LLC boosted its stake in ARS Pharmaceuticals by 16.2% in the 2nd quarter. Intech Investment Management LLC now owns 25,963 shares of the company's stock valued at $453,000 after purchasing an additional 3,616 shares during the period. Creative Planning boosted its stake in ARS Pharmaceuticals by 13.5% in the 2nd quarter. Creative Planning now owns 37,604 shares of the company's stock valued at $656,000 after purchasing an additional 4,485 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its stake in ARS Pharmaceuticals by 16.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 11,988 shares of the company's stock valued at $209,000 after purchasing an additional 1,653 shares during the period. Finally, Geode Capital Management LLC boosted its stake in ARS Pharmaceuticals by 6.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,342,387 shares of the company's stock valued at $23,427,000 after purchasing an additional 81,910 shares during the period. 68.16% of the stock is currently owned by institutional investors.

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.

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