ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down – Here’s Why

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped down prior to trading on Thursday . The stock had previously closed at $10.54, but opened at $7.79. ARS Pharmaceuticals shares last traded at $7.53, with a volume of 1,021,475 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Cantor Fitzgerald increased their price target 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. Wall Street Zen upgraded shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Leerink Partners set a $26.00 price objective on shares of ARS Pharmaceuticals and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Northland Securities began 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 on the stock. Finally, Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.60.

ARS Pharmaceuticals Stock Down 24.5%

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 business has a 50-day simple moving average of $8.70 and a 200-day simple moving average of $9.36. The stock has a market cap of $790.63 million, a P/E ratio of -3.93 and a beta of 0.94.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.61) EPS 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. Analysts expect that ARS Pharmaceuticals, Inc. will post -1.89 EPS for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In related news, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the transaction, the insider directly owned 12,176 shares in the company, valued at approximately $121,760. This trade represents a 67.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 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 $33,550.00. Following the completion of the transaction, the insider owned 90,910 shares in the company, valued at $909,100. This trade represents a 3.56% decrease in their position. 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 corporate insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of ARS Pharmaceuticals by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock worth $56,000 after purchasing an additional 982 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ARS Pharmaceuticals by 3.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,994 shares of the company’s stock valued at $596,000 after purchasing an additional 1,234 shares during the period. ProShare Advisors LLC boosted its stake in ARS Pharmaceuticals by 11.3% during the 4th quarter. ProShare Advisors LLC now owns 15,139 shares of the company’s stock valued at $176,000 after purchasing an additional 1,532 shares during the period. FAS Wealth Partners Inc. boosted its stake in ARS Pharmaceuticals by 0.9% during the 4th quarter. FAS Wealth Partners Inc. now owns 202,407 shares of the company’s stock valued at $2,358,000 after purchasing an additional 1,787 shares during the period. Finally, Osaic Holdings Inc. grew its holdings in 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 during the last quarter. 68.16% of the stock is owned by institutional investors and hedge funds.

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.