Vanguard Group Inc. Grows Stock Holdings in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Vanguard Group Inc. increased its holdings in ARS Pharmaceuticals by 0.7%, owning a total of 3,488,293 shares worth approximately $43.88 million as of the end of the first quarter.
• ARS Pharmaceuticals has seen significant activity from institutional investors, with Alyeska Investment Group L.P. boosting its shares by 903% in the fourth quarter to own 1,253,724 shares valued at $13.23 million.
• The stock currently has a consensus rating of "Buy" with an average target price of $31.00, although Wall Street Zen has recently downgraded it from a "hold" to a "sell" rating.

Vanguard Group Inc. raised its holdings in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,488,293 shares of the company's stock after purchasing an additional 23,341 shares during the quarter. Vanguard Group Inc. owned 3.55% of ARS Pharmaceuticals worth $43,883,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of 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 in the last quarter. Mariner LLC raised its position in shares of ARS Pharmaceuticals by 5.8% during 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 last quarter. Bank of New York Mellon Corp raised its position in shares of 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 purchasing an additional 1,975 shares during the last quarter. LPL Financial LLC raised its position in shares of ARS Pharmaceuticals by 11.4% during the 4th quarter. LPL Financial LLC now owns 21,408 shares of the company's stock worth $226,000 after purchasing an additional 2,190 shares during the last quarter. Finally, Bernard Wealth Management Corp. acquired a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $27,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Kathleen D. Scott sold 12,500 shares of the firm'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 completion of the transaction, the chief financial officer directly owned 10,042 shares in the company, valued at $150,630. This trade represents a 55.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Richard E. Lowenthal sold 50,000 shares of the firm's 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 approximately $17,337,198.06. This represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 882,649 shares of company stock worth $15,773,760 in the last three months. 33.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded shares of 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 given a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $31.00.

ARS Pharmaceuticals Price Performance

SPRY stock traded down $0.58 during mid-day trading on Thursday, reaching $12.86. The company's stock had a trading volume of 2,551,068 shares, compared to its average volume of 1,926,330. The stock has a market cap of $1.27 billion, a PE ratio of -26.24 and a beta of 0.90. 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 fifty-two week low of $10.00 and a fifty-two week high of $18.90. The company's 50 day moving average is $16.64 and its two-hundred day moving average is $14.38.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.46) earnings per share (EPS) 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 analyst estimates of $12.92 million. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%. Equities research analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

ARS Pharmaceuticals 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.