Quarry LP Makes New $415,000 Investment in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Quarry LP invested approximately $415,000 by acquiring 33,000 shares of ARS Pharmaceuticals during the first quarter, indicating growing institutional interest in the company.
• Despite strong earnings in terms of revenue, ARS Pharmaceuticals reported a loss with an EPS of ($0.46), missing analysts' expectations.
• Insider sales have been notable, with CEO Richard E. Lowenthal selling 50,000 shares worth $724,500, representing a decrease in his stake in the company.

Quarry LP purchased a new position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 33,000 shares of the company's stock, valued at approximately $415,000.

Other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in ARS Pharmaceuticals by 7.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 368,556 shares of the company's stock worth $4,636,000 after buying an additional 24,385 shares in the last quarter. Wells Fargo & Company MN increased its stake in ARS Pharmaceuticals by 47.1% in the 4th quarter. Wells Fargo & Company MN now owns 41,701 shares of the company's stock worth $440,000 after buying an additional 13,361 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in ARS Pharmaceuticals in the 1st quarter worth $189,000. Wealth Enhancement Advisory Services LLC increased its stake in ARS Pharmaceuticals by 4.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 60,294 shares of the company's stock worth $636,000 after buying an additional 2,670 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in ARS Pharmaceuticals by 12.9% in the 4th quarter. MetLife Investment Management LLC now owns 33,086 shares of the company's stock worth $349,000 after buying an additional 3,769 shares in the last quarter. Hedge funds and other institutional investors own 68.16% of the company's stock.

ARS Pharmaceuticals Trading Down 1.7%

Shares of NASDAQ:SPRY traded down $0.19 during trading on Thursday, reaching $10.69. The company's stock had a trading volume of 4,264,959 shares, compared to its average volume of 1,662,074. The company has a current ratio of 6.17, a quick ratio of 5.98 and a debt-to-equity ratio of 0.37. ARS Pharmaceuticals, Inc. has a 12 month low of $10.00 and a 12 month high of $18.90. The firm's 50 day simple moving average is $16.21 and its two-hundred day simple moving average is $14.37. The stock has a market capitalization of $1.06 billion, a PE ratio of -21.82 and a beta of 0.87.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced 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). ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. The business had revenue of $15.72 million during the quarter, compared to the consensus estimate of $12.92 million. On average, research analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Transactions at ARS Pharmaceuticals

In related news, CFO Kathleen D. Scott sold 12,500 shares of the stock in a transaction dated Thursday, August 21st. The shares were 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 owned 10,042 shares of the company's stock, valued at approximately $150,630. This trade represents a 55.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard E. Lowenthal sold 50,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $14.49, for a total transaction of $724,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,196,494 shares of the company's stock, valued at approximately $17,337,198.06. The trade was a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 882,649 shares of company stock worth $15,773,760 in the last quarter. Company insiders own 33.50% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SPRY shares. Wall Street Zen lowered ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Roth Capital started coverage on ARS Pharmaceuticals in a research report on Thursday. They set a "buy" rating and a $40.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target 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.