ARS Pharmaceuticals (NASDAQ:SPRY) Reaches New 1-Year Low – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares reached a new 52-week low during trading on Thursday . The company traded as low as $8.27 and last traded at $8.3150, with a volume of 1998386 shares changing hands. The stock had previously closed at $9.05.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SPRY shares. Raymond James Financial set a $32.00 price objective on ARS Pharmaceuticals in a report on Friday, September 26th. Weiss Ratings restated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a report on Wednesday, October 8th. Roth Capital assumed coverage on ARS Pharmaceuticals in a research note on Tuesday. They issued a “buy” rating and a $30.00 price target for the company. Zacks Research cut shares of ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen downgraded shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, ARS Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $31.80.

ARS Pharmaceuticals Stock Up 8.1%

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 $874.61 million, a P/E ratio of -18.06 and a beta of 0.83. The company has a 50-day moving average of $9.97 and a two-hundred day moving average of $13.59.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.46) earnings per share (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 the consensus estimate of $12.92 million. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%. On average, research analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling

In related news, insider Sarina Tanimoto sold 37,656 shares of ARS Pharmaceuticals 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 of the company’s stock, valued at $17,576,528.23. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kathleen D. Scott sold 12,500 shares of the company’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $15.00, for a total transaction of $187,500.00. Following the completion of the sale, the chief financial officer owned 10,042 shares in the company, valued at approximately $150,630. This trade represents a 55.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 112,500 shares of company stock worth $1,615,759 in the last three months. 33.50% of the stock is owned by corporate insiders.

Institutional Trading of ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. purchased a new stake in shares of ARS Pharmaceuticals in the second quarter worth $30,154,000. Aberdeen Group plc boosted its stake in ARS Pharmaceuticals by 106.1% in the 3rd quarter. Aberdeen Group plc now owns 3,097,022 shares of the company’s stock worth $31,125,000 after purchasing an additional 1,594,447 shares in the last quarter. MPM Bioimpact LLC bought a new position in ARS Pharmaceuticals in the 1st quarter worth about $16,519,000. Cormorant Asset Management LP grew its position in ARS Pharmaceuticals by 220.0% during the 1st quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company’s stock valued at $20,128,000 after purchasing an additional 1,100,000 shares during the last quarter. Finally, Octagon Capital Advisors LP increased its stake in ARS Pharmaceuticals by 116.0% during the 2nd quarter. Octagon Capital Advisors LP now owns 1,350,000 shares of the company’s stock valued at $23,558,000 after purchasing an additional 725,000 shares in the last quarter. 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.