Woodline Partners LP Trims Position in ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Woodline Partners LP reduced its stake in ARS Pharmaceuticals by 46.4%, selling 518,961 shares during the first quarter, and now holds approximately $7.55 million worth of stock.
• Insiders sold a total of 882,649 shares valued at about $15.77 million in the last three months, indicating significant movement in ownership.
• Analysts maintain a consensus rating of "Buy" for ARS Pharmaceuticals, with a target price set at $32.50, despite recent downward adjustments by some firms.

Woodline Partners LP lowered its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 46.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 600,322 shares of the company's stock after selling 518,961 shares during the period. Woodline Partners LP owned approximately 0.61% of ARS Pharmaceuticals worth $7,552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. MPM Bioimpact LLC purchased a new stake in ARS Pharmaceuticals in the 1st quarter worth approximately $16,519,000. Cormorant Asset Management LP boosted its position in ARS Pharmaceuticals by 220.0% in the 1st quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company's stock worth $20,128,000 after purchasing an additional 1,100,000 shares in the last quarter. Aberdeen Group plc purchased a new stake in ARS Pharmaceuticals in the 1st quarter worth approximately $12,613,000. Levin Capital Strategies L.P. boosted its position in ARS Pharmaceuticals by 149.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 1,164,601 shares of the company's stock worth $14,651,000 after purchasing an additional 696,974 shares in the last quarter. Finally, Octagon Capital Advisors LP purchased a new stake in ARS Pharmaceuticals in the 1st quarter worth approximately $7,862,000. Hedge funds and other institutional investors own 68.16% of the company's stock.

Insider Transactions at ARS Pharmaceuticals

In other news, insider Sarina Tanimoto sold 37,656 shares of ARS Pharmaceuticals stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.09, for a total transaction of $530,573.04. Following the transaction, the insider owned 1,247,447 shares in the company, valued at $17,576,528.23. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kathleen D. Scott sold 12,500 shares of ARS Pharmaceuticals stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $15.00, for a total value of $187,500.00. Following the transaction, the chief financial officer owned 10,042 shares in the company, valued at approximately $150,630. This represents a 55.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 867,649 shares of company stock worth $15,533,760 in the last quarter. 33.50% of the stock is owned by insiders.

ARS Pharmaceuticals Price Performance

NASDAQ SPRY traded up $0.35 during mid-day trading on Wednesday, hitting $9.76. The stock had a trading volume of 499,376 shares, compared to its average volume of 1,719,801. The firm's 50 day moving average is $14.98 and its 200 day moving average is $14.34. ARS Pharmaceuticals, Inc. has a twelve month low of $9.38 and a twelve month high of $18.90. 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 stock has a market capitalization of $964.19 million, a price-to-earnings ratio of -19.87 and a beta of 0.87.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $15.72 million during the quarter, compared to analyst estimates of $12.92 million. Equities research analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Roth Capital assumed coverage on ARS Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $40.00 target price for the company. Wall Street Zen downgraded 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 stock. Based on data from MarketBeat.com, ARS Pharmaceuticals has a consensus rating of "Buy" and an average price target of $32.50.

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.