ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 5.2% – Time to Sell?

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) fell 5.2% on Friday . The company traded as low as $6.93 and last traded at $7.07. 478,563 shares traded hands during trading, a decline of 70% from the average daily volume of 1,621,714 shares. The stock had previously closed at $7.46.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Northland Securities assumed coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price target for the company. Weiss Ratings raised ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Leerink Partners lowered their price objective on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Finally, Cantor Fitzgerald upped their target price on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.20.

ARS Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94. The firm’s 50-day moving average price is $8.59 and its two-hundred day moving average price is $9.06. The firm has a market capitalization of $695.10 million, a price-to-earnings ratio of -3.48 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its earnings results on Friday, May 15th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.08). The business had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. Sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current year.

Insider Activity at ARS Pharmaceuticals

In related news, insider Eric Karas sold 25,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $250,000.00. Following the sale, the insider owned 12,176 shares of the company’s stock, valued at $121,760. The trade was a 67.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the sale, the insider directly owned 90,910 shares in the company, valued at approximately $909,100. This represents a 3.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SPRY. Rubric Capital Management LP grew its holdings in shares of ARS Pharmaceuticals by 29.0% in the 1st quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company’s stock worth $64,240,000 after purchasing an additional 1,800,000 shares during the last quarter. Aberdeen Group plc increased its position in shares of ARS Pharmaceuticals by 14.8% during the 4th quarter. Aberdeen Group plc now owns 3,556,049 shares of the company’s stock worth $41,428,000 after purchasing an additional 459,027 shares in the last quarter. Vanguard Group Inc. lifted its holdings in ARS Pharmaceuticals by 7.3% during the 3rd quarter. Vanguard Group Inc. now owns 3,500,303 shares of the company’s stock valued at $35,178,000 after purchasing an additional 237,630 shares during the last quarter. State Street Corp lifted its holdings in ARS Pharmaceuticals by 11.3% during the 4th quarter. State Street Corp now owns 3,223,581 shares of the company’s stock valued at $37,555,000 after purchasing an additional 328,325 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in ARS Pharmaceuticals in the fourth quarter valued at about $36,912,000. 68.16% of the stock is owned by 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.