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

ARS Pharmaceuticals (NASDAQ:SPRY) issued its quarterly earnings results on Monday. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.07), Zacks reports. ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.

ARS Pharmaceuticals Stock Up 10.8%

NASDAQ:SPRY traded up $0.95 during trading hours on Monday, hitting $9.80. The stock had a trading volume of 693,170 shares, compared to its average volume of 1,815,512. ARS Pharmaceuticals has a 1-year low of $8.05 and a 1-year high of $18.90. The company has a market cap of $968.73 million, a PE ratio of -20.04 and a beta of 0.83. The company has a current ratio of 6.17, a quick ratio of 5.98 and a debt-to-equity ratio of 0.37. The business has a 50 day simple moving average of $9.97 and a two-hundred day simple moving average of $13.57.

Insider Buying and Selling

In other ARS Pharmaceuticals 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 directly owned 1,247,447 shares in the company, valued at $17,576,528.23. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard E. Lowenthal sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $14.49, for a total value of $724,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,196,494 shares in the company, valued at approximately $17,337,198.06. The trade was a 4.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 112,500 shares of company stock worth $1,615,759. 33.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. acquired a new position in ARS Pharmaceuticals in the second quarter worth about $30,154,000. Ameriprise Financial Inc. lifted its holdings in ARS Pharmaceuticals by 231.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 345,055 shares of the company’s stock worth $6,021,000 after buying an additional 240,945 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ARS Pharmaceuticals by 3.8% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,994 shares of the company’s stock worth $596,000 after acquiring an additional 1,234 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of ARS Pharmaceuticals by 7.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,020 shares of the company’s stock worth $594,000 after acquiring an additional 2,469 shares in the last quarter. Finally, Cresset Asset Management LLC increased its holdings in shares of ARS Pharmaceuticals by 6.7% in the 2nd quarter. Cresset Asset Management LLC now owns 30,152 shares of the company’s stock valued at $526,000 after acquiring an additional 1,900 shares during the last quarter. Institutional investors own 68.16% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SPRY shares. Wall Street Zen cut shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Roth Capital initiated coverage on shares of ARS Pharmaceuticals in a research note on Tuesday, November 4th. They set a “buy” rating and a $30.00 price objective for the company. Raymond James Financial set a $32.00 price objective on ARS Pharmaceuticals in a report on Friday, September 26th. Zacks Research cut ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research note on Wednesday, October 8th. One investment 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 company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.80.

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.