ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 1-Year Low – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $6.61 and last traded at $6.5750, with a volume of 324921 shares changing hands. The stock had previously closed at $7.00.

Analyst Ratings Changes

A number of research analysts recently issued reports on SPRY shares. Northland Securities started coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price objective for the company. Cantor Fitzgerald upped their price target on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. 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. Weiss Ratings upgraded shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Finally, 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 research report on Thursday, June 25th. Four 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 company’s stock. Based on data from MarketBeat, ARS Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $28.20.

ARS Pharmaceuticals Trading Down 4.2%

The company has a debt-to-equity ratio of 2.79, a current ratio of 4.94 and a quick ratio of 4.77. The business has a 50-day moving average of $8.59 and a 200-day moving average of $9.04. The firm has a market cap of $665.81 million, a price-to-earnings ratio of -3.34 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.08). The company had revenue of $22.68 million for the quarter, compared to analyst estimates of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. Research analysts anticipate that ARS Pharmaceuticals, Inc. will post -1.95 EPS for the current year.

Insider Activity at ARS Pharmaceuticals

In other news, insider Eric Karas sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the insider owned 12,176 shares of the company’s stock, valued at approximately $121,760. This represents a 67.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the completion of the transaction, the insider directly owned 90,910 shares of the company’s stock, valued at $909,100. This 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. Corporate insiders own 33.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Torren Management LLC acquired a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in ARS Pharmaceuticals by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock valued at $56,000 after purchasing an additional 982 shares during the last quarter. Osaic Holdings Inc. grew its holdings in ARS Pharmaceuticals by 52.8% during the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock worth $91,000 after purchasing an additional 1,803 shares during the period. Osterweis Capital Management Inc. bought a new position in ARS Pharmaceuticals during the fourth quarter worth about $65,000. Finally, BNP Paribas Financial Markets increased its position in ARS Pharmaceuticals by 58.3% during the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company’s stock worth $106,000 after buying an additional 2,245 shares during the last quarter. 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.