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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price 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 trading hands.

Analyst Ratings Changes

SPRY has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised their price objective 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. Zacks Research raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Wall Street Zen raised ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Northland Securities initiated coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $28.60.

ARS Pharmaceuticals Stock Down 24.5%

The business has a fifty day moving average price of $8.70 and a two-hundred day moving average price of $9.36. The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. The company has a market cap of $790.63 million, a price-to-earnings ratio of -3.93 and a beta of 0.94.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted 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). ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%.The company had revenue of $22.68 million for the quarter, compared to analyst estimates of $22.20 million. On average, equities analysts predict that ARS Pharmaceuticals, Inc. will post -1.89 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Eric Karas sold 25,000 shares of the business’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 $250,000.00. Following the transaction, the insider directly owned 12,176 shares in the company, valued at $121,760. The trade was a 67.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 the company’s 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 directly owned 90,910 shares in the company, valued at $909,100. This trade 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. 33.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. FAS Wealth Partners Inc. raised its stake in shares of ARS Pharmaceuticals by 1.5% during the 1st quarter. FAS Wealth Partners Inc. now owns 205,407 shares of the company’s stock worth $1,649,000 after purchasing an additional 3,000 shares in the last quarter. Alpine Woods Capital Investors LLC bought a new stake in shares of ARS Pharmaceuticals in the 1st quarter valued at approximately $80,000. ADAR1 Capital Management LLC grew its stake in shares of ARS Pharmaceuticals by 268.4% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,361,536 shares of the company’s stock valued at $10,933,000 after buying an additional 991,967 shares in the last quarter. Rubric Capital Management LP increased its holdings in ARS Pharmaceuticals by 29.0% in the first quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company’s stock worth $64,240,000 after buying an additional 1,800,000 shares during the last quarter. Finally, Quantinno Capital Management LP increased its holdings in ARS Pharmaceuticals by 90.9% in the first quarter. Quantinno Capital Management LP now owns 101,412 shares of the company’s stock worth $814,000 after buying an additional 48,299 shares during 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.