ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down – Should You Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.19, but opened at $7.60. ARS Pharmaceuticals shares last traded at $7.87, with a volume of 300,595 shares changing hands.

Analyst Ratings Changes

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

ARS Pharmaceuticals Stock Down 2.7%

The company has a quick ratio of 4.77, a current ratio of 4.94 and a debt-to-equity ratio of 2.79. The company has a market cap of $782.48 million, a PE ratio of -3.92 and a beta of 0.95. The company’s fifty day moving average is $8.72 and its 200-day moving average is $9.20.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its earnings results 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). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The firm had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. On average, analysts predict that ARS Pharmaceuticals, Inc. will post -1.93 EPS for the current year.

Insiders Place Their Bets

In related news, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. Following the transaction, the insider directly owned 12,176 shares in the company, valued at approximately $121,760. The trade was a 67.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the transaction, the insider owned 90,910 shares of the company’s stock, valued at approximately $909,100. This trade represents a 3.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Rubric Capital Management LP increased its position in ARS Pharmaceuticals by 247.5% in the third quarter. Rubric Capital Management LP now owns 4,500,000 shares of the company’s stock worth $45,225,000 after purchasing an additional 3,205,122 shares during the last quarter. Millennium Management LLC purchased a new position in ARS Pharmaceuticals during the fourth quarter worth $36,912,000. Adage Capital Partners GP L.L.C. bought a new position in ARS Pharmaceuticals during the 2nd quarter valued at about $30,154,000. Casdin Capital LLC bought a new position in shares of ARS Pharmaceuticals during the third quarter valued at approximately $16,080,000. Finally, UBS Group AG increased its stake in ARS Pharmaceuticals by 235.0% in the fourth quarter. UBS Group AG now owns 2,210,866 shares of the company’s stock worth $25,757,000 after purchasing an additional 1,550,980 shares during the period. 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.