Wall Street Zen Downgrades ARS Pharmaceuticals (NASDAQ:SPRY) to Sell

ARS Pharmaceuticals (NASDAQ:SPRY) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

A number of other research firms have also weighed in on SPRY. Scotiabank began coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They set a “sector outperform” rating and a $30.00 price objective for the company. William Blair reissued an “outperform” rating on shares of ARS Pharmaceuticals in a research note on Monday, March 3rd. Finally, Oppenheimer initiated coverage on ARS Pharmaceuticals in a research report on Monday, February 10th. They issued an “outperform” rating and a $40.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.00.

ARS Pharmaceuticals Price Performance

Shares of NASDAQ SPRY opened at $14.98 on Thursday. ARS Pharmaceuticals has a 1 year low of $7.55 and a 1 year high of $18.51. The firm has a 50-day moving average of $13.61 and a 200 day moving average of $12.87. The stock has a market cap of $1.47 billion, a P/E ratio of -29.37 and a beta of 0.84.

ARS Pharmaceuticals (NASDAQ:SPRY) last announced its earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.35). The business had revenue of $7.97 million for the quarter, compared to the consensus estimate of $7.48 million. Research analysts expect that ARS Pharmaceuticals will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ARS Pharmaceuticals news, CFO Kathleen D. Scott sold 50,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $14.10, for a total transaction of $705,000.00. Following the sale, the chief financial officer now directly owns 7,424 shares in the company, valued at approximately $104,678.40. This trade represents a 87.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Karas sold 10,000 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the transaction, the insider now owns 7,696 shares of the company’s stock, valued at $107,744. This represents a 56.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 382,571 shares of company stock worth $5,177,904 in the last three months. Insiders own 33.50% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. boosted its holdings in shares of ARS Pharmaceuticals by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company’s stock valued at $217,000 after acquiring an additional 1,962 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in ARS Pharmaceuticals by 93.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 344,171 shares of the company’s stock valued at $3,631,000 after purchasing an additional 165,950 shares during the period. Rhumbline Advisers boosted its holdings in ARS Pharmaceuticals by 2.9% in the fourth quarter. Rhumbline Advisers now owns 65,163 shares of the company’s stock worth $687,000 after purchasing an additional 1,824 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in ARS Pharmaceuticals in the 4th quarter worth approximately $4,469,000. Finally, Compass Capital Corp MA ADV bought a new stake in ARS Pharmaceuticals in the 4th quarter worth approximately $106,000. 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.