Leerink Partnrs Has Negative Outlook for SPRY Q3 Earnings

Key Points

• Leerink Partners has revised its Q3 2025 earnings estimate for ARS Pharmaceuticals to a loss of ($0.49) per share, down from the previous estimate of ($0.47).
• ARS Pharmaceuticals reported a quarterly EPS of (0.46), which was below analysts' expectations of (0.41), despite higher revenue of $15.72 million.
• Insiders sold over 1 million shares of ARS Pharmaceuticals in the last ninety days, which has led to a significant decrease in their ownership stake in the company.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) - Investment analysts at Leerink Partnrs dropped their Q3 2025 earnings per share estimates for ARS Pharmaceuticals in a research note issued to investors on Wednesday, August 13th. Leerink Partnrs analyst R. Ruiz now anticipates that the company will earn ($0.49) per share for the quarter, down from their previous forecast of ($0.47). The consensus estimate for ARS Pharmaceuticals' current full-year earnings is ($0.55) per share. Leerink Partnrs also issued estimates for ARS Pharmaceuticals' Q4 2025 earnings at ($0.38) EPS, FY2025 earnings at ($1.67) EPS, FY2026 earnings at ($0.68) EPS, FY2027 earnings at $0.48 EPS and FY2028 earnings at $2.58 EPS.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its 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 firm had revenue of $15.72 million during the quarter, compared to analysts' expectations of $12.92 million. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.

Separately, Wall Street Zen lowered ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $31.00.

ARS Pharmaceuticals Trading Down 9.2%

Shares of NASDAQ:SPRY traded down $1.37 during trading on Monday, reaching $13.50. 3,133,139 shares of the company traded hands, compared to its average volume of 1,802,729. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -27.55 and a beta of 0.90. ARS Pharmaceuticals has a 52-week low of $10.00 and a 52-week high of $18.90. The company has a current ratio of 6.17, a quick ratio of 5.98 and a debt-to-equity ratio of 0.37. The business's fifty day moving average is $16.80 and its 200-day moving average is $14.35.

Insider Transactions at ARS Pharmaceuticals

In related news, CFO Kathleen D. Scott sold 12,500 shares of the 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 $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, insider Eric Karas sold 15,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $16.99, for a total value of $254,850.00. Following the sale, the insider directly owned 10,315 shares in the company, valued at $175,251.85. This trade represents a 59.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 882,649 shares of company stock valued at $15,773,760. 33.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rafferty Asset Management LLC boosted its position in ARS Pharmaceuticals by 7.3% in the second quarter. Rafferty Asset Management LLC now owns 80,846 shares of the company's stock worth $1,411,000 after purchasing an additional 5,524 shares during the last quarter. Rubric Capital Management LP raised its stake in ARS Pharmaceuticals by 25.8% during the 2nd quarter. Rubric Capital Management LP now owns 1,294,878 shares of the company's stock valued at $22,596,000 after purchasing an additional 265,777 shares during the period. Octagon Capital Advisors LP raised its stake in ARS Pharmaceuticals by 116.0% during the 2nd quarter. Octagon Capital Advisors LP now owns 1,350,000 shares of the company's stock valued at $23,558,000 after purchasing an additional 725,000 shares during the period. BNP Paribas Financial Markets raised its stake in ARS Pharmaceuticals by 58.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company's stock valued at $106,000 after purchasing an additional 2,245 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in ARS Pharmaceuticals during the 2nd quarter valued at approximately $1,317,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

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.