ARS Pharmaceuticals (NASDAQ:SPRY) Sets New 1-Year Low After Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) reached a new 52-week low during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $7.80 and last traded at $7.8240, with a volume of 478806 shares. The stock had previously closed at $8.21.

Specifically, insider Justin Chakma sold 166,380 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $8.87, for a total value of $1,475,790.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Dorsey sold 21,828 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $8.71, for a total value of $190,121.88. Following the completion of the transaction, the chief operating officer directly owned 10,789 shares of the company’s stock, valued at $93,972.19. The trade was a 66.92% decrease in their position. The SEC filing for this sale provides additional information.

Analyst Ratings Changes

SPRY has been the subject of several research analyst reports. Zacks Research downgraded ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Roth Capital assumed coverage on shares of ARS Pharmaceuticals in a research note on Tuesday, November 4th. They set a “buy” rating and a $30.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a report on Wednesday, October 8th. Finally, Raymond James Financial set a $32.00 target price on ARS Pharmaceuticals in a research report on Friday, September 26th. One equities research 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. Based on data from MarketBeat, ARS Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $31.80.

ARS Pharmaceuticals Stock Down 5.8%

The company has a debt-to-equity ratio of 1.14, a current ratio of 6.66 and a quick ratio of 6.51. The company has a market capitalization of $764.10 million, a PE ratio of -9.59 and a beta of 0.83. The business’s 50 day simple moving average is $9.75 and its 200 day simple moving average is $13.38.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.07). The firm had revenue of $32.50 million for the quarter, compared to analysts’ expectations of $28.87 million. ARS Pharmaceuticals had a negative net margin of 56.06% and a negative return on equity of 38.77%. As a group, analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SPRY. Brevan Howard Capital Management LP purchased a new stake in shares of ARS Pharmaceuticals in the 3rd quarter valued at approximately $675,000. Casdin Capital LLC purchased a new position in shares of ARS Pharmaceuticals during the 3rd quarter worth approximately $16,080,000. Bamco Inc. NY increased its holdings in ARS Pharmaceuticals by 3,071.3% in the 3rd quarter. Bamco Inc. NY now owns 1,268,532 shares of the company’s stock valued at $12,749,000 after purchasing an additional 1,228,532 shares during the last quarter. Aquatic Capital Management LLC lifted its stake in ARS Pharmaceuticals by 117.2% during the third quarter. Aquatic Capital Management LLC now owns 105,751 shares of the company’s stock worth $1,063,000 after purchasing an additional 57,063 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of ARS Pharmaceuticals by 12.3% during the third quarter. Raymond James Financial Inc. now owns 756,347 shares of the company’s stock worth $7,601,000 after buying an additional 82,977 shares during the period. Hedge funds and other 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.