Harbour Capital Advisors LLC Acquires 29,300 Shares of 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 grew its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 102.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,950 shares of the company's stock after purchasing an additional 29,300 shares during the period. Harbour Capital Advisors LLC owned approximately 0.06% of ARS Pharmaceuticals worth $971,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SPRY. Bernard Wealth Management Corp. acquired a new position in ARS Pharmaceuticals during the fourth quarter valued at $27,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of ARS Pharmaceuticals in the first quarter valued at approximately $37,000. PNC Financial Services Group Inc. increased its holdings in shares of ARS Pharmaceuticals by 78,100.0% during the first quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock worth $49,000 after buying an additional 3,905 shares in the last quarter. BNP Paribas Financial Markets bought a new position in ARS Pharmaceuticals in the 4th quarter valued at about $75,000. Finally, Ball & Co Wealth Management Inc. bought a new position in shares of ARS Pharmaceuticals in the fourth quarter worth $105,000. 68.16% of the stock is currently owned by institutional investors.

ARS Pharmaceuticals Stock Performance

SPRY traded up $0.19 on Tuesday, hitting $9.98. The company had a trading volume of 1,044,674 shares, compared to its average volume of 1,751,141. The company's fifty day moving average price is $14.33 and its 200 day moving average price is $14.34. ARS Pharmaceuticals, Inc. has a 1-year low of $9.38 and a 1-year high of $18.90. The stock has a market cap of $985.83 million, a price-to-earnings ratio of -20.41 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 (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $12.92 million. Equities analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPRY has been the topic of several research reports. Roth Capital began coverage on shares of ARS Pharmaceuticals in a report on Thursday, September 4th. They issued a "buy" rating and a $40.00 target price on the stock. Wall Street Zen cut shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $32.50.

Insiders Place Their Bets

In related news, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $15.00, for a total transaction of $187,500.00. Following the transaction, the chief financial officer directly owned 10,042 shares in the company, valued at approximately $150,630. This represents a 55.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder James E. Flynn sold 740,149 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $18.46, for a total transaction of $13,663,150.54. Following the completion of the sale, the insider owned 4,887,254 shares in the company, valued at $90,218,708.84. The trade was a 13.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 867,649 shares of company stock worth $15,533,760. 33.50% of the stock is owned by corporate insiders.

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.