ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 8.2% - Should You Sell?

Key Points

• ARS Pharmaceuticals shares fell 8.2% to about $5.17, trading well below their 50-day and 200-day moving averages of $8.24 and $8.69, respectively.
• Despite the decline, analysts maintain a generally positive outlook: the stock has a “Moderate Buy” consensus rating and a consensus price target of $28.20, with recent targets ranging from $24 to $30.
• The company remains unprofitable, reporting a quarterly EPS loss of $0.61 versus the expected $0.53 loss, while two insiders sold shares at $10 under pre-arranged trading plans.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price traded down 8.2% during trading on Friday . The company traded as low as $5.18 and last traded at $5.17. Approximately 1,306,743 shares traded hands during trading, a decline of 24% from the average session volume of 1,726,126 shares. The stock had previously closed at $5.63.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SPRY shares. Cantor Fitzgerald boosted their price target on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Northland Securities assumed coverage on ARS Pharmaceuticals in a research report on Thursday, April 9th. They issued an "outperform" rating and a $25.00 target price on the stock. Leerink Partners reduced their price target on ARS Pharmaceuticals from $25.00 to $24.00 and set an "outperform" rating for the company in a research 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 investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $28.20.

ARS Pharmaceuticals Trading Down 8.3%

The business's 50 day simple moving average is $8.24 and its 200 day simple moving average is $8.69. The stock has a market cap of $512.88 million, a price-to-earnings ratio of -2.57 and a beta of 0.95. The company has a quick ratio of 4.77, a current ratio of 4.94 and a debt-to-equity ratio of 2.79.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. On average, research analysts expect that ARS Pharmaceuticals, Inc. will post -1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alexander A. Fitzpatrick sold 3,355 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the transaction, the insider directly owned 90,910 shares of the company's stock, valued at approximately $909,100. This trade represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The shares were 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 approximately $121,760. The trade was a 67.25% decrease in their ownership of the stock. 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. 33.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Rubric Capital Management LP increased its stake in shares of ARS Pharmaceuticals by 247.5% in the third quarter. Rubric Capital Management LP now owns 4,500,000 shares of the company's stock valued at $45,225,000 after buying an additional 3,205,122 shares during the period. Millennium Management LLC acquired a new position in ARS Pharmaceuticals in the 4th quarter valued at approximately $36,912,000. Adage Capital Partners GP L.L.C. bought a new position in shares of ARS Pharmaceuticals during the second quarter valued at $30,154,000. UBS Group AG lifted its holdings in shares of ARS Pharmaceuticals by 235.0% during the fourth quarter. UBS Group AG now owns 2,210,866 shares of the company's stock worth $25,757,000 after purchasing an additional 1,550,980 shares during the period. Finally, Qube Research & Technologies Ltd bought a new position in ARS Pharmaceuticals during the 3rd quarter worth $10,400,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

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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