ARS Pharmaceuticals (NASDAQ:SPRY) Coverage Initiated at Roth Capital

Analysts at Roth Capital initiated coverage on shares of ARS Pharmaceuticals (NASDAQ:SPRY) in a research report issued on Tuesday. The brokerage set a “buy” rating and a $30.00 price target on the stock. Roth Capital’s price target would indicate a potential upside of 248.03% from the stock’s previous close.

A number of other research analysts have also commented on the company. Raymond James Financial set a $32.00 target price on ARS Pharmaceuticals in a research note on Friday, September 26th. Zacks Research lowered ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, ARS Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $31.80.

ARS Pharmaceuticals Stock Performance

Shares of NASDAQ SPRY opened at $8.62 on Tuesday. The business has a fifty day simple moving average of $10.31 and a 200 day simple moving average of $13.74. 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 firm has a market capitalization of $851.91 million, a price-to-earnings ratio of -17.59 and a beta of 0.83. ARS Pharmaceuticals has a one year low of $8.32 and a one year high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its earnings results on Wednesday, August 13th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05). The firm had revenue of $15.72 million during the quarter, compared to analyst estimates of $12.92 million. ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. Sell-side analysts expect that ARS Pharmaceuticals will post -0.55 EPS for the current year.

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 value of $187,500.00. Following the completion of the sale, the chief financial officer directly owned 10,042 shares in the company, valued at approximately $150,630. This trade represents a 55.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard E. Lowenthal sold 50,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 1,196,494 shares of the company’s stock, valued at approximately $17,337,198.06. This trade represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 112,500 shares of company stock worth $1,615,759. 33.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC boosted its holdings in ARS Pharmaceuticals by 94.7% in the third quarter. AlphaQuest LLC now owns 45,819 shares of the company’s stock valued at $460,000 after acquiring an additional 22,283 shares during the last quarter. Knights of Columbus Asset Advisors LLC boosted its holdings in ARS Pharmaceuticals by 97.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 134,476 shares of the company’s stock valued at $1,351,000 after acquiring an additional 66,382 shares during the last quarter. Coastal Bridge Advisors LLC boosted its holdings in ARS Pharmaceuticals by 5.3% in the third quarter. Coastal Bridge Advisors LLC now owns 91,675 shares of the company’s stock valued at $921,000 after acquiring an additional 4,650 shares during the last quarter. Hussman Strategic Advisors Inc. boosted its holdings in ARS Pharmaceuticals by 40.0% in the third quarter. Hussman Strategic Advisors Inc. now owns 147,000 shares of the company’s stock valued at $1,477,000 after acquiring an additional 42,000 shares during the last quarter. Finally, Belpointe Asset Management LLC boosted its holdings in ARS Pharmaceuticals by 8.9% in the third quarter. Belpointe Asset Management LLC now owns 18,860 shares of the company’s stock valued at $190,000 after acquiring an additional 1,537 shares during the last quarter. Institutional investors own 68.16% of the company’s stock.

About ARS Pharmaceuticals

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.