ARS Pharmaceuticals, Inc. $SPRY Shares Sold by Woodline Partners LP

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 trimmed its holdings in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 46.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 600,322 shares of the company's stock after selling 518,961 shares during the quarter. Woodline Partners LP owned 0.61% of ARS Pharmaceuticals worth $7,552,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SPRY. Alliancebernstein L.P. boosted its stake in shares of ARS Pharmaceuticals by 1.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company's stock worth $49,349,000 after acquiring an additional 42,071 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of ARS Pharmaceuticals by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 3,488,293 shares of the company's stock worth $43,883,000 after acquiring an additional 23,341 shares in the last quarter. Cormorant Asset Management LP boosted its stake in shares of ARS Pharmaceuticals by 220.0% during the 1st quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company's stock worth $20,128,000 after acquiring an additional 1,100,000 shares in the last quarter. MPM Bioimpact LLC purchased a new stake in shares of ARS Pharmaceuticals during the 1st quarter worth about $16,519,000. Finally, Levin Capital Strategies L.P. boosted its stake in shares of ARS Pharmaceuticals by 149.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 1,164,601 shares of the company's stock worth $14,651,000 after acquiring an additional 696,974 shares in the last quarter. 68.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ARS Pharmaceuticals news, CEO Richard E. Lowenthal sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $14.49, for a total value 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 $17,337,198.06. This trade represents a 4.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 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 transaction of $187,500.00. Following the sale, the chief financial officer directly owned 10,042 shares of the company's stock, valued at approximately $150,630. This trade represents a 55.45% 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 over the last three months. 33.50% of the stock is owned by insiders.

ARS Pharmaceuticals Price Performance

Shares of SPRY traded down $0.12 during mid-day trading on Friday, hitting $10.03. 2,273,759 shares of the company were exchanged, compared to its average volume of 2,971,145. ARS Pharmaceuticals, Inc. has a 1-year low of $9.79 and a 1-year high of $18.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.98 and a current ratio of 6.17. The company has a 50 day moving average of $15.27 and a 200-day moving average of $14.35. The stock has a market cap of $991.22 million, a price-to-earnings ratio of -20.47 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.05). ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.The firm had revenue of $15.72 million for the quarter, compared to analyst estimates of $12.92 million. Analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SPRY shares. Roth Capital started coverage on shares of ARS Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $40.00 target price on the stock. 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 six have issued a Buy rating to the stock. Based on data from MarketBeat.com, ARS Pharmaceuticals has an average rating of "Buy" and a consensus 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.