ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Shares Purchased by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. increased its holdings in ARS Pharmaceuticals by 149%, now owning 1,164,601 shares valued at approximately $14.65 million, making it the firm's 23rd largest position.
• ARS Pharmaceuticals reported a revenue of $7.97 million despite a quarterly loss of ($0.35) EPS, aligning with analysts' expectations.
• Insider selling included notable transactions, with Alexander A. Fitzpatrick selling 102,969 shares and James E. Flynn offloading 740,149 shares, indicating reduced insider ownership of the stock.

Levin Capital Strategies L.P. boosted its position in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 149.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,164,601 shares of the company's stock after purchasing an additional 696,974 shares during the quarter. ARS Pharmaceuticals comprises about 1.5% of Levin Capital Strategies L.P.'s portfolio, making the stock its 23rd biggest position. Levin Capital Strategies L.P. owned 1.19% of ARS Pharmaceuticals worth $14,651,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of ARS Pharmaceuticals by 7.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 368,556 shares of the company's stock worth $4,636,000 after purchasing an additional 24,385 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of ARS Pharmaceuticals by 47.1% in the 4th quarter. Wells Fargo & Company MN now owns 41,701 shares of the company's stock worth $440,000 after purchasing an additional 13,361 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of ARS Pharmaceuticals in the 1st quarter worth $189,000. Vanguard Group Inc. boosted its position in shares of ARS Pharmaceuticals by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 3,464,952 shares of the company's stock worth $36,555,000 after purchasing an additional 115,656 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in ARS Pharmaceuticals by 4.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 60,294 shares of the company's stock worth $636,000 after acquiring an additional 2,670 shares during the period. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

Insider Transactions at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, CFO Kathleen D. Scott sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was 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 directly owned 7,424 shares in the company, valued at approximately $104,678.40. The trade was a 87.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brent L. Saunders sold 120,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was 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. Insiders have sold 1,043,118 shares of company stock worth $18,024,863 over the last quarter. Company insiders own 33.50% of the company's stock.

ARS Pharmaceuticals Stock Performance

Shares of NASDAQ SPRY traded down $0.15 during trading on Friday, reaching $17.50. 715,574 shares of the company traded hands, compared to its average volume of 1,188,629. The firm's fifty day simple moving average is $16.71 and its 200 day simple moving average is $14.27. The stock has a market cap of $1.72 billion, a P/E ratio of -109.37 and a beta of 0.90. ARS Pharmaceuticals, Inc. has a 12-month low of $9.67 and a 12-month high of $18.90. 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 released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.35). ARS Pharmaceuticals had a negative return on equity of 6.94% and a negative net margin of 16.11%. The business had revenue of $7.97 million during the quarter, compared to analyst estimates of $7.48 million. As a group, research analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

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.