Octagon Capital Advisors LP Takes Position in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Octagon Capital Advisors LP has purchased 625,000 shares of ARS Pharmaceuticals, Inc. ($SPRY), valued at approximately $7.86 million, which constitutes about 0.8% of its investment portfolio.
• Insider trading activity includes Sarina Tanimoto selling 37,656 shares and Kathleen D. Scott selling 12,500 shares, indicating potential confidence concerns among company executives.
• ARS Pharmaceuticals reported a quarterly loss of ($0.46) EPS, missing the consensus estimate, despite exceeding revenue expectations with $15.72 million for the quarter.

Octagon Capital Advisors LP purchased a new stake in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 625,000 shares of the company's stock, valued at approximately $7,862,000. ARS Pharmaceuticals comprises 0.8% of Octagon Capital Advisors LP's portfolio, making the stock its 24th largest holding. Octagon Capital Advisors LP owned 0.64% of ARS Pharmaceuticals at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SPRY. Wellington Management Group LLP boosted its stake in ARS Pharmaceuticals by 0.6% during the 4th quarter. Wellington Management Group LLP now owns 163,252 shares of the company's stock worth $1,722,000 after acquiring an additional 917 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in ARS Pharmaceuticals by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 132,213 shares of the company's stock worth $1,663,000 after acquiring an additional 1,975 shares during the last quarter. Bernard Wealth Management Corp. bought a new position in ARS Pharmaceuticals during the 4th quarter worth approximately $27,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of ARS Pharmaceuticals by 4.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 60,294 shares of the company's stock worth $636,000 after acquiring an additional 2,670 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of ARS Pharmaceuticals in the first quarter worth about $37,000. Institutional investors own 68.16% of the company's stock.

Insider Transactions at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, major shareholder James E. Flynn sold 740,149 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $18.46, for a total value of $13,663,150.54. Following the completion of the transaction, the insider owned 4,887,254 shares of the company's stock, valued at $90,218,708.84. This represents a 13.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $15.00, for a total value of $187,500.00. Following the completion of the transaction, the chief financial officer directly owned 10,042 shares of the company's stock, valued at approximately $150,630. The trade was a 55.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 882,649 shares of company stock valued at $15,773,760. Corporate insiders own 33.50% of the company's stock.

ARS Pharmaceuticals Price Performance

Shares of SPRY traded down $0.12 during midday trading on Friday, hitting $10.03. The company's stock had a trading volume of 2,273,759 shares, compared to its average volume of 1,717,527. ARS Pharmaceuticals, Inc. has a one year low of $9.79 and a one year high of $18.90. The company's fifty day simple moving average is $15.40 and its two-hundred day simple moving average is $14.32. 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 has a market capitalization of $991.26 million, a price-to-earnings ratio of -20.47 and a beta of 0.87.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.46) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $15.72 million during the quarter, compared to analyst estimates of $12.92 million. As a group, equities analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.