Alyeska Investment Group L.P. Reduces Stock Position in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Alyeska Investment Group L.P. significantly reduced its stake in ARS Pharmaceuticals by 76.9%, selling 963,632 shares and retaining only 290,092 shares valued at approximately $3.65 million.
• Despite Alyeska's reduction, other institutions like Vanguard Group Inc. and Levin Capital Strategies L.P. increased their holdings in ARS Pharmaceuticals, suggesting mixed investor sentiment.
• ARS Pharmaceuticals reported a quarterly earnings loss of ($0.46) EPS, missing analyst estimates, while generating revenue that surpassed expectations at $15.72 million.

Alyeska Investment Group L.P. lowered its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 76.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 290,092 shares of the company's stock after selling 963,632 shares during the period. Alyeska Investment Group L.P. owned about 0.30% of ARS Pharmaceuticals worth $3,649,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of SPRY. Dimensional Fund Advisors LP grew its holdings in ARS Pharmaceuticals by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 196,458 shares of the company's stock valued at $2,073,000 after purchasing an additional 4,010 shares during the period. Voya Investment Management LLC increased its holdings in ARS Pharmaceuticals by 40.5% in the 4th quarter. Voya Investment Management LLC now owns 67,277 shares of the company's stock worth $710,000 after acquiring an additional 19,381 shares in the last quarter. Northern Trust Corp raised its position in ARS Pharmaceuticals by 5.7% during the fourth quarter. Northern Trust Corp now owns 478,153 shares of the company's stock worth $5,045,000 after acquiring an additional 25,773 shares during the period. Ameriprise Financial Inc. lifted its holdings in ARS Pharmaceuticals by 113.8% during the fourth quarter. Ameriprise Financial Inc. now owns 69,376 shares of the company's stock valued at $732,000 after purchasing an additional 36,928 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at about $75,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

ARS Pharmaceuticals Trading Up 1.7%

SPRY traded up $0.18 during trading hours on Wednesday, reaching $10.50. The company's stock had a trading volume of 1,499,990 shares, compared to its average volume of 1,704,723. The business's 50-day moving average is $15.65 and its 200-day moving average is $14.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 6.17 and a quick ratio of 5.98. The stock has a market cap of $1.04 billion, a PE ratio of -21.43 and a beta of 0.87. ARS Pharmaceuticals, Inc. has a fifty-two week low of $9.97 and a fifty-two week high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.05). The company had revenue of $15.72 million during the quarter, compared to analyst estimates of $12.92 million. ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. As a group, equities research analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 37,656 shares of ARS Pharmaceuticals stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.09, for a total value of $530,573.04. Following the completion of the transaction, the insider directly owned 1,247,447 shares of the company's stock, valued at $17,576,528.23. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kathleen D. Scott sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $15.00, for a total transaction of $187,500.00. Following the completion of the transaction, the chief financial officer directly owned 10,042 shares of the company's stock, valued at approximately $150,630. The trade was a 55.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 882,649 shares of company stock worth $15,773,760 over the last ninety days. Company insiders own 33.50% of the company's stock.

Analyst Upgrades and Downgrades

SPRY has been the topic of a number of research reports. Roth Capital started coverage on shares of ARS Pharmaceuticals in a research note on Thursday, September 4th. They issued a "buy" rating and a $40.00 price target on the stock. Wall Street Zen cut ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $32.50.

ARS Pharmaceuticals 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.