Cormorant Asset Management LP Acquires 1,100,000 Shares of ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Cormorant Asset Management LP increased its holdings in ARS Pharmaceuticals by 220.0% in Q1, owning 1,600,000 shares, making it the 20th largest position in their portfolio.
• ARS Pharmaceuticals reported a loss of $0.46 per share in its latest quarterly earnings, which missed the consensus estimate, despite revenue of $15.72 million exceeding expectations.
• The stock has experienced insider selling, with insiders offloading 882,649 shares worth approximately $15.77 million over the last quarter.

Cormorant Asset Management LP increased its position in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 220.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,600,000 shares of the company's stock after buying an additional 1,100,000 shares during the period. ARS Pharmaceuticals accounts for approximately 1.5% of Cormorant Asset Management LP's holdings, making the stock its 20th biggest position. Cormorant Asset Management LP owned about 1.63% of ARS Pharmaceuticals worth $20,128,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bernard Wealth Management Corp. bought a new stake in shares of ARS Pharmaceuticals during the 4th quarter worth $27,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of ARS Pharmaceuticals during the 1st quarter worth $37,000. GAMMA Investing LLC boosted its holdings in shares of ARS Pharmaceuticals by 4,319.7% during the 1st quarter. GAMMA Investing LLC now owns 3,359 shares of the company's stock worth $420,000 after buying an additional 3,283 shares during the period. PNC Financial Services Group Inc. raised its stake in ARS Pharmaceuticals by 78,100.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock valued at $49,000 after purchasing an additional 3,905 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in ARS Pharmaceuticals in the 4th quarter valued at $75,000. 68.16% of the stock is owned by institutional investors.

ARS Pharmaceuticals Price Performance

NASDAQ SPRY traded down $0.34 on Tuesday, reaching $10.36. The company's stock had a trading volume of 1,185,652 shares, compared to its average volume of 1,699,724. The firm has a market cap of $1.02 billion, a PE ratio of -21.10 and a beta of 0.88. The business has a 50-day moving average price of $15.77 and a 200 day moving average price of $14.38. ARS Pharmaceuticals, Inc. has a 52 week low of $9.97 and a 52 week high of $18.90. The company has a current ratio of 6.17, a quick ratio of 5.98 and a debt-to-equity ratio of 0.37.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, major shareholder James E. Flynn sold 740,149 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $18.46, for a total transaction of $13,663,150.54. Following the sale, the insider directly owned 4,887,254 shares of the company's stock, valued at $90,218,708.84. This represents a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard E. Lowenthal sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $14.49, for a total transaction of $724,500.00. Following the sale, the chief executive officer directly owned 1,196,494 shares in the company, valued at $17,337,198.06. This trade represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 882,649 shares of company stock valued at $15,773,760. Corporate insiders own 33.50% of the company's stock.

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.