Harbour Capital Advisors LLC Increases Holdings in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Harbour Capital Advisors LLC increased its stake in ARS Pharmaceuticals by 102.3%, acquiring an additional 29,300 shares in the second quarter, bringing their total to 57,950 shares worth approximately $971,000.
• ARS Pharmaceuticals reported a quarterly earnings miss with ($0.46) earnings per share, falling short of analysts' expectations of ($0.41), despite achieving $15.72 million in revenue for the quarter.
• Wall Street analysts have a consensus rating of "Buy" for ARS Pharmaceuticals, with a target price of $32.50, although one firm recently downgraded its rating from "hold" to "sell."

Harbour Capital Advisors LLC lifted its stake in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 102.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,950 shares of the company's stock after buying an additional 29,300 shares during the quarter. Harbour Capital Advisors LLC owned approximately 0.06% of ARS Pharmaceuticals worth $971,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bernard Wealth Management Corp. purchased a new position in ARS Pharmaceuticals during the fourth quarter valued at $27,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of ARS Pharmaceuticals during the first quarter valued at about $37,000. GAMMA Investing LLC grew its position in shares of ARS Pharmaceuticals by 4,319.7% during the first quarter. GAMMA Investing LLC now owns 3,359 shares of the company's stock valued at $420,000 after purchasing an additional 3,283 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of ARS Pharmaceuticals by 78,100.0% in the first quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock worth $49,000 after purchasing an additional 3,905 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of ARS Pharmaceuticals in the fourth quarter worth about $75,000. Institutional investors own 68.16% of the company's stock.

Insider Activity

In other news, insider Eric Karas sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $16.99, for a total transaction of $254,850.00. Following the transaction, the insider owned 10,315 shares of the company's stock, valued at approximately $175,251.85. This represents a 59.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sarina Tanimoto sold 37,656 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.09, for a total value of $530,573.04. Following the transaction, the insider owned 1,247,447 shares of the company's stock, valued at approximately $17,576,528.23. The trade was a 2.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 867,649 shares of company stock valued at $15,533,760. 33.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on SPRY. Wall Street Zen lowered ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Roth Capital assumed coverage on ARS Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $40.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $32.50.

ARS Pharmaceuticals Trading Down 1.4%

Shares of SPRY traded down $0.14 during midday trading on Friday, hitting $9.79. The stock had a trading volume of 6,332,538 shares, compared to its average volume of 3,212,929. The stock's 50 day moving average is $14.49 and its 200 day moving average is $14.35. The firm has a market cap of $967.55 million, a PE ratio of -19.98 and a beta of 0.88. The company has a debt-to-equity ratio of 0.37, a current ratio of 6.17 and a quick ratio of 5.98. ARS Pharmaceuticals, Inc. has a 1 year low of $9.38 and a 1 year high of $18.90.

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