Nuveen LLC Buys New Shares in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Nuveen LLC has acquired a new stake in ARS Pharmaceuticals, owning approximately 154,456 shares valued at about $1.94 million, increasing their ownership to 0.16% of the company.
• ARS Pharmaceuticals has recently experienced insider selling, with CEO Richard E. Lowenthal selling 50,000 shares for around $724,500, reflecting a 4.01% decrease in his ownership.
• Analyst ratings for ARS Pharmaceuticals have seen a downgrade from a "hold" to a "sell" rating, although the average rating remains a "Buy" with a consensus price target of $31.00.

Nuveen LLC purchased a new stake in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 154,456 shares of the company's stock, valued at approximately $1,943,000. Nuveen LLC owned 0.16% of ARS Pharmaceuticals as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Invesco Ltd. raised its holdings in ARS Pharmaceuticals by 49.8% during the 1st quarter. Invesco Ltd. now owns 29,949 shares of the company's stock valued at $377,000 after acquiring an additional 9,961 shares during the period. Vanguard Group Inc. raised its stake in shares of ARS Pharmaceuticals by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 3,488,293 shares of the company's stock valued at $43,883,000 after purchasing an additional 23,341 shares during the period. Levin Capital Strategies L.P. raised its stake in shares of ARS Pharmaceuticals by 149.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 1,164,601 shares of the company's stock valued at $14,651,000 after purchasing an additional 696,974 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of ARS Pharmaceuticals by 78,100.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock valued at $49,000 after purchasing an additional 3,905 shares during the period. Finally, Foster & Motley Inc. bought a new stake in shares of ARS Pharmaceuticals during the 1st quarter valued at $186,000. Institutional investors own 68.16% of the company's stock.

Insiders Place Their Bets

In related news, CEO Richard E. Lowenthal sold 50,000 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $14.49, for a total value of $724,500.00. Following the transaction, the chief executive officer owned 1,196,494 shares of the company's stock, valued at $17,337,198.06. This represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James E. Flynn sold 740,149 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $18.46, for a total value of $13,663,150.54. Following the transaction, the insider owned 4,887,254 shares in the company, valued at $90,218,708.84. This trade represents a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 882,649 shares of company stock valued at $15,773,760 over the last quarter. Insiders own 33.50% of the company's stock.

ARS Pharmaceuticals Price Performance

Shares of SPRY stock traded down $0.50 during trading on Tuesday, hitting $11.12. The company had a trading volume of 4,874,557 shares, compared to its average volume of 1,630,453. The company has a quick ratio of 5.98, a current ratio of 6.17 and a debt-to-equity ratio of 0.37. The stock's 50-day moving average is $16.46 and its two-hundred day moving average is $14.42. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -22.69 and a beta of 0.88. ARS Pharmaceuticals, Inc. has a 52 week low of $10.00 and a 52 week 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 analysts' consensus estimates of ($0.41) by ($0.05). The company had revenue of $15.72 million during the quarter, compared to the consensus estimate of $12.92 million. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%. As a group, analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $31.00.

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.