Janney Montgomery Scott LLC Has $16.19 Million Position in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Janney Montgomery Scott LLC boosted its ARS Pharmaceuticals stake by 56.6% in the first quarter, ending with 2,016,464 shares worth about $16.19 million.
• ARS Pharmaceuticals reported a quarterly EPS loss of $0.61, wider than expected, though revenue of $22.68 million slightly topped analyst estimates.
• Analysts remain broadly positive on SPRY, with a Moderate Buy consensus and a $28.20 average price target, even after recent insider share sales.

Janney Montgomery Scott LLC raised its stake in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 56.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,016,464 shares of the company's stock after buying an additional 728,632 shares during the quarter. Janney Montgomery Scott LLC owned 2.03% of ARS Pharmaceuticals worth $16,192,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SPRY. Royal Bank of Canada raised its position in ARS Pharmaceuticals by 1,075.3% during the first quarter. Royal Bank of Canada now owns 18,547 shares of the company's stock valued at $234,000 after acquiring an additional 16,969 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of ARS Pharmaceuticals during the 1st quarter worth $140,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of ARS Pharmaceuticals by 13.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 279,840 shares of the company's stock valued at $3,520,000 after purchasing an additional 32,526 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ARS Pharmaceuticals by 7.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 34,560 shares of the company's stock valued at $603,000 after purchasing an additional 2,357 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of ARS Pharmaceuticals by 55.1% in the 2nd quarter. Legal & General Group Plc now owns 54,825 shares of the company's stock valued at $957,000 after purchasing an additional 19,484 shares during the last quarter. Institutional investors and hedge funds own 68.16% of the company's stock.

ARS Pharmaceuticals Price Performance

Shares of ARS Pharmaceuticals stock opened at $8.01 on Wednesday. The firm has a market cap of $795.39 million, a P/E ratio of -3.99 and a beta of 0.94. The firm's 50-day simple moving average is $8.71 and its 200-day simple moving average is $9.31. ARS Pharmaceuticals, Inc. has a twelve month low of $6.66 and a twelve month high of $18.63. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%.The company had revenue of $22.68 million for the quarter, compared to analyst estimates of $22.20 million. As a group, research analysts expect that ARS Pharmaceuticals, Inc. will post -1.93 EPS for the current fiscal year.

Analysts Set New Price Targets

SPRY has been the subject of several analyst reports. Cantor Fitzgerald boosted their target price on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Northland Securities assumed coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They issued an "outperform" rating and a $25.00 price target on the stock. Leerink Partners decreased their price objective on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Thursday, June 25th. Weiss Ratings upgraded shares of ARS Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 1st. Finally, Wall Street Zen raised shares of ARS Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 16th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.20.

Insider Buying and Selling

In other ARS Pharmaceuticals news, insider Eric Karas sold 25,000 shares of the company's 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 owned 12,176 shares of the company's stock, valued at approximately $121,760. This represents a 67.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of ARS Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $33,550.00. Following the transaction, the insider directly owned 90,910 shares in the company, valued at $909,100. The trade was a 3.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is currently owned by corporate insiders.

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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