Levin Capital Strategies L.P. Raises Holdings in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

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. raised its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 149.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,164,601 shares of the company's stock after acquiring an additional 696,974 shares during the quarter. ARS Pharmaceuticals makes up approximately 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 quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of ARS Pharmaceuticals by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 163,252 shares of the company's stock valued at $1,722,000 after purchasing an additional 917 shares during the last quarter. Mariner LLC lifted its position in shares of ARS Pharmaceuticals by 5.8% during the 4th quarter. Mariner LLC now owns 35,908 shares of the company's stock worth $379,000 after purchasing an additional 1,972 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of ARS Pharmaceuticals by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 132,213 shares of the company's stock worth $1,663,000 after purchasing an additional 1,975 shares in the last quarter. LPL Financial LLC increased its holdings in ARS Pharmaceuticals by 11.4% in the fourth quarter. LPL Financial LLC now owns 21,408 shares of the company's stock valued at $226,000 after buying an additional 2,190 shares during the last quarter. Finally, Bernard Wealth Management Corp. acquired a new stake in ARS Pharmaceuticals in the fourth quarter valued at $27,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

ARS Pharmaceuticals Stock Performance

SPRY traded down $0.33 on Thursday, reaching $17.65. The company had a trading volume of 741,271 shares, compared to its average volume of 1,223,117. 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, Inc. has a 1 year low of $9.52 and a 1 year high of $18.90. The stock has a market capitalization of $1.73 billion, a PE ratio of -110.31 and a beta of 0.90. The stock has a 50-day moving average price of $16.65 and a 200-day moving average price of $14.25.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting the consensus estimate 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 the consensus estimate of $7.48 million. As a group, research analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Transactions at ARS Pharmaceuticals

In related news, Director Brent L. Saunders sold 120,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $14.25, for a total value of $1,710,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Kathleen D. Scott sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $14.10, for a total value of $705,000.00. Following the sale, the chief financial officer directly owned 7,424 shares of the company's stock, valued at $104,678.40. The trade was a 87.07% decrease in their ownership of the stock. 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 90 days. Company insiders own 33.50% of the company's stock.

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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $31.00.

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.