Zacks Research Downgrades ARS Pharmaceuticals (NASDAQ:SPRY) to Strong Sell

ARS Pharmaceuticals (NASDAQ:SPRY) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on SPRY. Weiss Ratings reissued a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research note on Wednesday, January 21st. Roth Mkm started coverage on ARS Pharmaceuticals in a research report on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $33.00.

ARS Pharmaceuticals Trading Up 0.5%

NASDAQ SPRY traded up $0.05 on Tuesday, reaching $10.11. The company had a trading volume of 981,280 shares, compared to its average volume of 1,742,928. The firm has a market cap of $999.18 million, a price-to-earnings ratio of -12.48 and a beta of 0.80. The company has a debt-to-equity ratio of 1.14, a current ratio of 6.66 and a quick ratio of 6.51. ARS Pharmaceuticals has a fifty-two week low of $6.66 and a fifty-two week high of $18.90. The business has a 50 day moving average of $10.46 and a two-hundred day moving average of $11.58.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.07). The company had revenue of $32.50 million during the quarter, compared to analyst estimates of $28.87 million. ARS Pharmaceuticals had a negative net margin of 56.06% and a negative return on equity of 38.77%. Analysts forecast that ARS Pharmaceuticals will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other news, COO Brian Dorsey sold 21,828 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $8.71, for a total transaction of $190,121.88. Following the completion of the sale, the chief operating officer directly owned 10,789 shares of the company’s stock, valued at $93,972.19. The trade was a 66.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Justin Chakma sold 166,380 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $8.87, for a total transaction of $1,475,790.60. The SEC filing for this sale provides additional information. Insiders own 33.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its position in ARS Pharmaceuticals by 10.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,281 shares of the company’s stock valued at $110,000 after buying an additional 590 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of ARS Pharmaceuticals by 16.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,598 shares of the company’s stock worth $98,000 after acquiring an additional 777 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 worth $56,000 after acquiring an additional 982 shares in the last quarter. Matisse Capital raised its holdings in shares of ARS Pharmaceuticals by 1.8% in the second quarter. Matisse Capital now owns 56,714 shares of the company’s stock valued at $990,000 after purchasing an additional 1,000 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ARS Pharmaceuticals by 3.8% during the second 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 in the last quarter. Hedge funds and other 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.