ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. 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 lifted their price objective on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Leerink Partners decreased their price objective on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Northland Securities started coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price target for the company. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.20.

ARS Pharmaceuticals Price Performance

The stock has a 50 day moving average price of $8.72 and a 200-day moving average price of $9.23. 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 stock has a market capitalization of $762.52 million, a price-to-earnings ratio of -3.82 and a beta of 0.95.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%.The business had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $22.20 million. On average, analysts forecast that ARS Pharmaceuticals, Inc. will post -1.93 earnings per share for the current year.

Insider Activity

In related news, insider Alexander A. Fitzpatrick sold 3,355 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the sale, the insider owned 90,910 shares of the company’s stock, valued at approximately $909,100. This represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. Following the sale, the insider owned 12,176 shares of the company’s stock, valued at approximately $121,760. The trade was a 67.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 33.80% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Torren Management LLC purchased a new stake in shares of ARS Pharmaceuticals in the 4th quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. boosted 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 valued at $56,000 after purchasing an additional 982 shares during the period. Bessemer Group Inc. boosted its stake in shares of ARS Pharmaceuticals by 3,102.1% in the first quarter. Bessemer Group Inc. now owns 7,525 shares of the company’s stock valued at $61,000 after purchasing an additional 7,290 shares during the period. Osterweis Capital Management Inc. acquired a new position in shares of ARS Pharmaceuticals in the fourth quarter worth $65,000. Finally, Russell Investments Group Ltd. grew its stake in ARS Pharmaceuticals by 197.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company’s stock worth $67,000 after purchasing an additional 4,427 shares in the last quarter. Hedge funds and other 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.