Cormorant Asset Management LP Has $20.13 Million Position in 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 lifted its stake in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 220.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,600,000 shares of the company's stock after acquiring an additional 1,100,000 shares during the quarter. ARS Pharmaceuticals comprises about 1.5% of Cormorant Asset Management LP's investment portfolio, making the stock its 20th biggest holding. Cormorant Asset Management LP owned 1.63% of ARS Pharmaceuticals worth $20,128,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SPRY. MPM Bioimpact LLC acquired a new position in shares of ARS Pharmaceuticals during the first quarter valued at approximately $16,519,000. Aberdeen Group plc acquired a new position in shares of ARS Pharmaceuticals during the first quarter valued at approximately $12,613,000. Levin Capital Strategies L.P. grew its position in ARS Pharmaceuticals by 149.0% in the first quarter. Levin Capital Strategies L.P. now owns 1,164,601 shares of the company's stock worth $14,651,000 after buying an additional 696,974 shares during the last quarter. Millennium Management LLC grew its position in ARS Pharmaceuticals by 93.0% in the fourth quarter. Millennium Management LLC now owns 939,278 shares of the company's stock worth $9,909,000 after buying an additional 452,532 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in ARS Pharmaceuticals by 1,552.1% in the first quarter. Janney Montgomery Scott LLC now owns 448,669 shares of the company's stock worth $5,644,000 after buying an additional 421,511 shares during the last quarter. Institutional investors and hedge funds own 68.16% of the company's stock.

Wall Street Analyst Weigh In

SPRY has been the topic of several recent research reports. Wall Street Zen lowered shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Roth Capital initiated coverage on shares of ARS Pharmaceuticals in a research report on Thursday. They issued a "buy" rating and a $40.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat.com, ARS Pharmaceuticals has a consensus rating of "Buy" and an average target price of $32.50.

Insider Transactions at ARS Pharmaceuticals

In related news, 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 value of $187,500.00. Following the completion of the transaction, the chief financial officer owned 10,042 shares of the company's stock, valued at approximately $150,630. This trade represents a 55.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sarina Tanimoto sold 37,656 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.09, for a total transaction 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. This represents a 2.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 882,649 shares of company stock worth $15,773,760. 33.50% of the stock is currently owned by insiders.

ARS Pharmaceuticals Trading Down 5.8%

ARS Pharmaceuticals stock traded down $0.62 during midday trading on Friday, reaching $10.07. The stock had a trading volume of 5,198,565 shares, compared to its average volume of 2,775,677. The firm's fifty day simple moving average is $15.90 and its two-hundred day simple moving average is $14.37. ARS Pharmaceuticals, Inc. has a twelve month low of $9.97 and a twelve month high of $18.90. 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 firm has a market cap of $995.22 million, a price-to-earnings ratio of -20.55 and a beta of 0.87.

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

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.