ARS Pharmaceuticals (NASDAQ:SPRY) Releases Earnings Results, Misses Estimates By $0.07 EPS

ARS Pharmaceuticals (NASDAQ:SPRY) released its quarterly earnings data on Monday. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.07), Zacks reports. ARS Pharmaceuticals had a negative net margin of 56.06% and a negative return on equity of 35.41%. The business had revenue of $32.50 million during the quarter, compared to analyst estimates of $28.87 million.

ARS Pharmaceuticals Stock Performance

NASDAQ:SPRY opened at $8.84 on Wednesday. The firm’s 50-day moving average is $9.87 and its 200-day moving average is $13.50. The company has a market cap of $873.46 million, a price-to-earnings ratio of -10.81 and a beta of 0.83. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.98 and a current ratio of 6.17. ARS Pharmaceuticals has a 52-week low of $8.05 and a 52-week high of $18.90.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Raymond James Financial set a $32.00 price objective on ARS Pharmaceuticals in a report on Friday, September 26th. Wall Street Zen downgraded ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Roth Capital initiated coverage on shares of ARS Pharmaceuticals in a research note on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ARS Pharmaceuticals in a report on Wednesday, October 8th. Finally, Zacks Research downgraded shares of ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.80.

Insider Buying and Selling

In other news, insider Sarina Tanimoto sold 37,656 shares of ARS Pharmaceuticals stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.09, for a total transaction of $530,573.04. Following the sale, the insider owned 1,247,447 shares of the company’s stock, valued at approximately $17,576,528.23. This trade represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kathleen D. Scott sold 12,500 shares of the company’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $15.00, for a total value of $187,500.00. Following the completion of the transaction, the chief financial officer owned 10,042 shares of the company’s stock, valued at $150,630. The trade was a 55.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,500 shares of company stock valued at $1,615,759 over the last three months. 33.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. raised its stake in shares of ARS Pharmaceuticals by 52.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock valued at $91,000 after buying an additional 1,803 shares in the last quarter. BNP Paribas Financial Markets increased its stake in ARS Pharmaceuticals by 58.3% in the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company’s stock valued at $106,000 after acquiring an additional 2,245 shares during the period. AQR Capital Management LLC acquired a new position in ARS Pharmaceuticals in the first quarter worth about $140,000. Royal Bank of Canada lifted its stake in ARS Pharmaceuticals by 1,075.3% during the first quarter. Royal Bank of Canada now owns 18,547 shares of the company’s stock worth $234,000 after purchasing an additional 16,969 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in ARS Pharmaceuticals by 21.4% during the third quarter. Intech Investment Management LLC now owns 31,514 shares of the company’s stock valued at $317,000 after purchasing an additional 5,551 shares in the last quarter. Institutional investors own 68.16% of the company’s stock.

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.