BlackRock Inc. Invests $42.54 Million in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• BlackRock acquired 5.31 million shares of ARS Pharmaceuticals in the second quarter, worth approximately $42.5 million and representing a 5.35% stake. Institutional investors collectively own 68.16% of SPRY.
• Analyst sentiment remains mixed but leans positive: four analysts rate the stock Buy, one rates it Hold, and one rates it Sell. The consensus rating is Moderate Buy, with an average price target of $28.20.
• ARS Pharmaceuticals reported a quarterly loss of $0.63 per share, missing estimates of $0.48, although revenue of $33.66 million exceeded expectations. Shares opened at $6.00, near the lower end of their 12-month range, while the company continues developing its needle-free epinephrine spray, neffy.

BlackRock Inc. bought a new position in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,311,319 shares of the company's stock, valued at approximately $42,544,000. BlackRock Inc. owned about 5.35% of ARS Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of SPRY. Osaic Holdings Inc. lifted its stake in ARS Pharmaceuticals by 52.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company's stock worth $91,000 after purchasing an additional 1,803 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of ARS Pharmaceuticals during the fourth quarter valued at about $65,000. BNP Paribas Financial Markets grew its position in shares of ARS Pharmaceuticals by 58.3% during the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company's stock valued at $106,000 after purchasing an additional 2,245 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of ARS Pharmaceuticals by 197.5% in the third quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company's stock worth $67,000 after purchasing an additional 4,427 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of ARS Pharmaceuticals by 3,102.1% in the first quarter. Bessemer Group Inc. now owns 7,525 shares of the company's stock worth $61,000 after buying an additional 7,290 shares in the last quarter. 68.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on SPRY. Weiss Ratings lowered ARS Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, August 17th. Cantor Fitzgerald upped their price objective on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Leerink Partners lowered their target price on ARS Pharmaceuticals from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Finally, Wall Street Zen raised shares of ARS Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $28.20.

Insider Buying and Selling at ARS Pharmaceuticals

In related news, insider Alexander A. Fitzpatrick sold 3,355 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the sale, the insider directly owned 90,910 shares in the company, valued at $909,100. This trade represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. Following the transaction, the insider directly owned 12,176 shares of the company's stock, valued at $121,760. The trade was a 67.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.80% of the company's stock.

ARS Pharmaceuticals Trading Up 1.9%

SPRY opened at $6.00 on Tuesday. The stock has a 50-day moving average of $6.76 and a 200 day moving average of $7.97. The company has a current ratio of 3.48, a quick ratio of 3.28 and a debt-to-equity ratio of 13.72. ARS Pharmaceuticals, Inc. has a 12 month low of $4.91 and a 12 month high of $13.15. The firm has a market cap of $596.70 million, a P/E ratio of -2.75 and a beta of 0.98.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.15). The company had revenue of $33.66 million for the quarter, compared to analysts' expectations of $31.32 million. ARS Pharmaceuticals had a negative net margin of 184.24% and a negative return on equity of 256.67%. As a group, research analysts forecast that ARS Pharmaceuticals, Inc. will post -1.9 EPS for the current 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.

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