ARS Pharmaceuticals (NASDAQ:SPRY) Posts Earnings Results, Misses Expectations By $0.07 EPS

ARS Pharmaceuticals (NASDAQ:SPRY) announced its earnings results on Monday. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.07), Zacks reports. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.

ARS Pharmaceuticals Price Performance

Shares of ARS Pharmaceuticals stock traded up $0.97 on Monday, reaching $9.82. The company’s stock had a trading volume of 916,423 shares, compared to its average volume of 1,815,634. The company has a quick ratio of 5.98, a current ratio of 6.17 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $970.02 million, a P/E ratio of -20.21 and a beta of 0.83. The stock has a 50-day moving average price of $9.97 and a 200-day moving average price of $13.57. ARS Pharmaceuticals has a 52-week low of $8.05 and a 52-week high of $18.90.

Analysts Set New Price Targets

SPRY has been the subject of several research analyst reports. Wall Street Zen lowered shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Roth Capital initiated coverage on shares of ARS Pharmaceuticals in a report on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research report on Wednesday, October 8th. Zacks Research lowered ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Finally, Raymond James Financial set a $32.00 price target on ARS Pharmaceuticals in a research note on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, ARS Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $31.80.

Insider Buying and Selling

In other news, CEO Richard E. Lowenthal sold 50,000 shares of ARS Pharmaceuticals stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $14.49, for a total value of $724,500.00. Following the sale, the chief executive officer owned 1,196,494 shares in the company, valued at $17,337,198.06. This trade represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sarina Tanimoto sold 37,656 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.09, for a total transaction of $530,573.04. Following the completion of the transaction, the insider directly owned 1,247,447 shares in the company, valued at $17,576,528.23. This represents a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 112,500 shares of company stock valued at $1,615,759. 33.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. lifted its position in shares of ARS Pharmaceuticals by 52.8% in the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock valued at $91,000 after acquiring an additional 1,803 shares in the last quarter. BNP Paribas Financial Markets boosted 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 worth $106,000 after purchasing an additional 2,245 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of ARS Pharmaceuticals in the first quarter valued at about $140,000. Royal Bank of Canada lifted its stake in shares of ARS Pharmaceuticals by 1,075.3% in the first quarter. Royal Bank of Canada now owns 18,547 shares of the company’s stock worth $234,000 after buying an additional 16,969 shares in the last quarter. Finally, Cresset Asset Management LLC raised its holdings in ARS Pharmaceuticals by 6.7% in the 2nd quarter. Cresset Asset Management LLC now owns 30,152 shares of the company’s stock valued at $526,000 after acquiring an additional 1,900 shares during the last quarter. Institutional investors and hedge funds 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.