625,000 Shares in ARS Pharmaceuticals, Inc. $SPRY Acquired by Octagon Capital Advisors LP

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 shares of 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 fund purchased 625,000 shares of the company's stock, valued at approximately $7,862,000. ARS Pharmaceuticals accounts for approximately 0.8% of Octagon Capital Advisors LP's holdings, making the stock its 24th biggest position. Octagon Capital Advisors LP owned about 0.64% of ARS Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the company. Bernard Wealth Management Corp. bought a new position in shares of ARS Pharmaceuticals in the 4th quarter worth approximately $27,000. ANTIPODES PARTNERS Ltd purchased a new position in ARS Pharmaceuticals during the first quarter valued at $37,000. GAMMA Investing LLC boosted its holdings in shares of ARS Pharmaceuticals by 4,319.7% during the 1st quarter. GAMMA Investing LLC now owns 3,359 shares of the company's stock valued at $420,000 after buying an additional 3,283 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings 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 buying an additional 3,905 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth about $75,000. 68.16% of the stock is owned by institutional investors.

ARS Pharmaceuticals Stock Down 1.2%

ARS Pharmaceuticals stock traded down $0.12 during mid-day trading on Friday, reaching $10.03. The stock had a trading volume of 2,273,759 shares, compared to its average volume of 2,971,145. ARS Pharmaceuticals, Inc. has a one year low of $9.79 and a one year high of $18.90. The company has a 50-day moving average price of $15.27 and a two-hundred day moving average price of $14.37. The company has a market capitalization of $991.22 million, a price-to-earnings ratio of -20.47 and a beta of 0.87. 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 data 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). The firm had revenue of $15.72 million for the quarter, compared to the consensus estimate of $12.92 million. ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. On average, analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Roth Capital began coverage on shares of ARS Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $40.00 price target for the company. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $32.50.

Insider Buying and Selling

In other news, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction on Thursday, August 21st. The stock was 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 of the company's stock, valued at $150,630. This represents a 55.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder James E. Flynn sold 740,149 shares of the stock in a transaction on 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 sale, the insider directly 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 sold 882,649 shares of company stock worth $15,773,760 over the last 90 days. 33.50% of the stock is currently owned by company 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.