Eversept Partners LP Cuts Stake in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Eversept Partners LP cut its ARS Pharmaceuticals stake by 74.2% in the fourth quarter, selling 724,918 shares and leaving it with 251,593 shares worth about $2.93 million.
• ARS Pharmaceuticals reported a quarterly EPS loss of $0.61, missing analysts’ expectations, though revenue of $22.68 million came in slightly above estimates.
• Despite mixed fundamentals and recent insider selling, Wall Street’s view remains Moderate Buy, with a consensus target price of $28.60 versus the stock’s recent price around $9.90.

Eversept Partners LP lowered its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 74.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,593 shares of the company's stock after selling 724,918 shares during the quarter. Eversept Partners LP owned approximately 0.25% of ARS Pharmaceuticals worth $2,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in ARS Pharmaceuticals by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company's stock worth $56,000 after buying an additional 982 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ARS Pharmaceuticals by 3.8% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,994 shares of the company's stock worth $596,000 after buying an additional 1,234 shares in the last quarter. ProShare Advisors LLC lifted its position in ARS Pharmaceuticals by 11.3% in the fourth quarter. ProShare Advisors LLC now owns 15,139 shares of the company's stock valued at $176,000 after purchasing an additional 1,532 shares during the last quarter. Osaic Holdings Inc. boosted its stake in shares of ARS Pharmaceuticals by 52.8% during the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company's stock valued at $91,000 after purchasing an additional 1,803 shares during the period. Finally, Cresset Asset Management LLC boosted its stake in shares of ARS Pharmaceuticals by 6.7% during the second quarter. Cresset Asset Management LLC now owns 30,152 shares of the company's stock valued at $526,000 after purchasing an additional 1,900 shares during the period. Hedge funds and other institutional investors own 68.16% of the company's stock.

ARS Pharmaceuticals Price Performance

SPRY opened at $9.90 on Thursday. The stock has a fifty day simple moving average of $8.51 and a two-hundred day simple moving average of $9.34. The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. The company has a market cap of $983.07 million, a price-to-earnings ratio of -4.93 and a beta of 0.94. ARS Pharmaceuticals, Inc. has a 12-month low of $6.66 and a 12-month high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.08). The firm had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%. Research analysts predict that ARS Pharmaceuticals, Inc. will post -1.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ARS Pharmaceuticals news, insider Alexander A. Fitzpatrick sold 3,355 shares of the 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 transaction, the insider owned 90,910 shares in the company, valued at approximately $909,100. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the transaction, the insider 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SPRY shares. Wall Street Zen raised ARS Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Cantor Fitzgerald increased their price objective on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Zacks Research raised ARS Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Wednesday, February 25th. Northland Securities started coverage on ARS Pharmaceuticals in a research note on Thursday, April 9th. They set an "outperform" rating and a $25.00 price objective for the company. Finally, Leerink Partners set a $26.00 price objective on ARS Pharmaceuticals and gave the company an "outperform" rating in a research note on Tuesday, March 10th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ARS Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $28.60.

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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.

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