Levin Capital Strategies L.P. Has $4.44 Million Holdings in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Levin Capital Strategies cut its ARS Pharmaceuticals stake by 26.1% in the first quarter, but still held 552,561 shares worth about $4.44 million at quarter-end.
• Wall Street sentiment is mixed but constructive: analysts’ consensus is “Moderate Buy” with an average price target of $28.20, while Cantor Fitzgerald recently lifted its target to $30.
• ARS Pharmaceuticals reported a Q1 EPS miss at ($0.61) versus expectations of ($0.53), though revenue came in slightly above estimates at $22.68 million.

Levin Capital Strategies L.P. decreased its stake in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 26.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 552,561 shares of the company's stock after selling 194,945 shares during the period. Levin Capital Strategies L.P. owned approximately 0.56% of ARS Pharmaceuticals worth $4,437,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada boosted its stake in ARS Pharmaceuticals by 1,075.3% in the 1st quarter. Royal Bank of Canada now owns 18,547 shares of the company's stock worth $234,000 after purchasing an additional 16,969 shares during the period. AQR Capital Management LLC acquired a new position in shares of ARS Pharmaceuticals during the first quarter worth about $140,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of ARS Pharmaceuticals by 13.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 279,840 shares of the company's stock worth $3,520,000 after buying an additional 32,526 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of ARS Pharmaceuticals by 7.3% during the second quarter. JPMorgan Chase & Co. now owns 34,560 shares of the company's stock worth $603,000 after buying an additional 2,357 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of ARS Pharmaceuticals by 55.1% during the second quarter. Legal & General Group Plc now owns 54,825 shares of the company's stock worth $957,000 after buying an additional 19,484 shares in the last quarter. 68.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

ARS Pharmaceuticals Price Performance

Shares of NASDAQ SPRY opened at $6.06 on Thursday. The company has a debt-to-equity ratio of 2.79, a current ratio of 4.94 and a quick ratio of 4.77. The business has a 50-day moving average of $8.46 and a 200-day moving average of $8.93. The stock has a market capitalization of $601.76 million, a price-to-earnings ratio of -3.01 and a beta of 0.95. ARS Pharmaceuticals, Inc. has a fifty-two week low of $6.06 and a fifty-two week high of $18.63.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its earnings results 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). The company had revenue of $22.68 million for 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%. As a group, sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current fiscal year.

Insider Activity 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 shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the transaction, the insider directly owned 90,910 shares of the company's stock, valued at approximately $909,100. This trade represents a 3.56% decrease in their ownership of the stock. 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 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 transaction of $250,000.00. Following the completion of the transaction, the insider directly owned 12,176 shares of the company's stock, valued at $121,760. This represents 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 owned by 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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