Raymond James Financial Inc. Purchases 83,506 Shares of ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Raymond James Financial Inc. increased its stake in ARS Pharmaceuticals by 13.4% during Q1, now owning 706,787 shares valued at approximately $8.89 million.
• ARS Pharmaceuticals' stock has seen a decline of 9.6%, opening at $11.62, with analysts recommending a consensus rating of "Buy" but with a recent downgrade to "sell" from Wall Street Zen.
• Insiders, including CEO Richard E. Lowenthal, have sold significant shares recently, with a total of 882,649 shares worth $15.77 million sold over the last 90 days.

Raymond James Financial Inc. boosted its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 13.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 706,787 shares of the company's stock after acquiring an additional 83,506 shares during the period. Raymond James Financial Inc. owned 0.72% of ARS Pharmaceuticals worth $8,891,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in ARS Pharmaceuticals by 0.6% in 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. Mariner LLC lifted its position in shares of ARS Pharmaceuticals by 5.8% in the 4th quarter. Mariner LLC now owns 35,908 shares of the company's stock worth $379,000 after purchasing an additional 1,972 shares during the period. Bank of New York Mellon Corp lifted its position in shares of ARS Pharmaceuticals by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 132,213 shares of the company's stock worth $1,663,000 after purchasing an additional 1,975 shares during the period. Bernard Wealth Management Corp. purchased a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth about $27,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of 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 purchasing an additional 2,670 shares during the period. Institutional investors own 68.16% of the company's stock.

Insider Buying and Selling

In related news, insider Eric Karas sold 15,000 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $16.00, for a total value of $240,000.00. Following the completion of the transaction, the insider directly owned 7,696 shares in the company, valued at $123,136. This trade represents a 66.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard E. Lowenthal sold 50,000 shares of the stock in a transaction dated Thursday, August 21st. The stock was 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 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 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. Corporate insiders own 33.50% of the company's stock.

Analysts Set New Price Targets

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

ARS Pharmaceuticals Stock Down 9.6%

Shares of ARS Pharmaceuticals stock opened at $11.62 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 6.17 and a quick ratio of 5.98. The company has a 50-day moving average of $16.55 and a 200 day moving average of $14.42. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -23.71 and a beta of 0.88. ARS Pharmaceuticals, Inc. has a 1 year low of $10.00 and a 1 year 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.05). The business 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, sell-side analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

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.

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