ARS Pharmaceuticals (NASDAQ:SPRY) Sets New 52-Week Low – Time to Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $5.76 and last traded at $5.7830, with a volume of 410739 shares trading hands. The stock had previously closed at $5.94.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPRY. Wall Street Zen raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings raised shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Cantor Fitzgerald boosted their target price on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Northland Securities initiated coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They set an “outperform” rating and a $25.00 target price for the company. Finally, Leerink Partners lowered their target price on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.20.

ARS Pharmaceuticals Stock Down 3.8%

The stock’s 50 day moving average is $8.39 and its 200 day moving average is $8.85. The company has a market capitalization of $567.50 million, a PE ratio of -2.84 and a beta of 0.95. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings data 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 analysts’ expectations of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. On average, sell-side analysts anticipate that ARS Pharmaceuticals, Inc. will post -1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other ARS Pharmaceuticals news, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $250,000.00. Following the completion of the transaction, the insider owned 12,176 shares in the company, valued at $121,760. This trade represents a 67.25% decrease in their position. The sale was disclosed in a document filed 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 company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the sale, the insider owned 90,910 shares in the company, valued at approximately $909,100. This represents a 3.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 33.80% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rubric Capital Management LP grew its position in ARS Pharmaceuticals by 247.5% during the third quarter. Rubric Capital Management LP now owns 4,500,000 shares of the company’s stock worth $45,225,000 after buying an additional 3,205,122 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of ARS Pharmaceuticals in the 4th quarter valued at about $36,912,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of ARS Pharmaceuticals in the 2nd quarter valued at about $30,154,000. UBS Group AG boosted its position in shares of ARS Pharmaceuticals by 235.0% during the 4th quarter. UBS Group AG now owns 2,210,866 shares of the company’s stock valued at $25,757,000 after acquiring an additional 1,550,980 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of ARS Pharmaceuticals during the third quarter worth about $10,400,000. 68.16% of the stock is currently 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.