Eric Karas Sells 15,000 Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Stock

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) insider Eric Karas sold 15,000 shares of the business'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 value of $240,000.00. Following the completion of the sale, the insider now owns 7,696 shares of the company's stock, valued at approximately $123,136. This trade represents a 66.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

ARS Pharmaceuticals Stock Performance

Shares of ARS Pharmaceuticals stock traded up $0.77 during midday trading on Monday, hitting $16.57. The company had a trading volume of 1,407,683 shares, compared to its average volume of 1,310,481. ARS Pharmaceuticals, Inc. has a 1-year low of $7.55 and a 1-year high of $18.51. The business's 50 day simple moving average is $14.37 and its two-hundred day simple moving average is $12.88. The stock has a market cap of $1.63 billion, a PE ratio of -103.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.30, a current ratio of 11.00 and a quick ratio of 10.74.

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, hitting the consensus estimate of ($0.35). ARS Pharmaceuticals had a negative net margin of 16.11% and a negative return on equity of 6.94%. The company had revenue of $7.97 million for the quarter, compared to analyst estimates of $7.48 million. As a group, equities analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Scotiabank initiated coverage on shares of ARS Pharmaceuticals in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 price objective for the company. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, William Blair restated an "outperform" rating on shares of ARS Pharmaceuticals in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

Institutional Investors Weigh In On ARS Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its holdings in ARS Pharmaceuticals by 5,168.4% in the 4th quarter. Alliancebernstein L.P. now owns 3,880,734 shares of the company's stock valued at $40,942,000 after acquiring an additional 3,807,074 shares in the last quarter. MPM Bioimpact LLC acquired a new position in shares of ARS Pharmaceuticals in the first quarter valued at $16,519,000. Alyeska Investment Group L.P. lifted its position in ARS Pharmaceuticals by 903.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,253,724 shares of the company's stock worth $13,227,000 after purchasing an additional 1,128,724 shares during the period. Cormorant Asset Management LP boosted its stake in ARS Pharmaceuticals by 220.0% during the first quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company's stock worth $20,128,000 after buying an additional 1,100,000 shares in the last quarter. Finally, Aberdeen Group plc acquired a new stake in ARS Pharmaceuticals during the first quarter worth $12,613,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.