ARS Pharmaceuticals (NASDAQ:SPRY) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of ARS Pharmaceuticals (NASDAQ:SPRY) from a hold rating to a strong sell rating in a report published on Tuesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research report on Wednesday, January 21st. Roth Mkm began coverage on ARS Pharmaceuticals in a report on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price target for the company. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, ARS Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $33.00.

ARS Pharmaceuticals Trading Up 0.7%

Shares of SPRY traded up $0.07 during trading hours on Tuesday, hitting $10.13. The stock had a trading volume of 897,493 shares, compared to its average volume of 1,735,140. ARS Pharmaceuticals has a 12-month low of $6.66 and a 12-month high of $18.90. The firm has a market cap of $1.00 billion, a P/E ratio of -12.49 and a beta of 0.80. The company has a debt-to-equity ratio of 1.14, a quick ratio of 6.51 and a current ratio of 6.66. The company’s fifty day simple moving average is $10.46 and its 200 day simple moving average is $11.58.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.07). ARS Pharmaceuticals had a negative return on equity of 38.77% and a negative net margin of 56.06%.The firm had revenue of $32.50 million during the quarter, compared to analysts’ expectations of $28.87 million. Equities research analysts forecast that ARS Pharmaceuticals will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Justin Chakma sold 166,380 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $8.87, for a total value of $1,475,790.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Brian Dorsey sold 21,828 shares of the stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $8.71, for a total transaction of $190,121.88. Following the transaction, the chief operating officer owned 10,789 shares in the company, valued at $93,972.19. This trade represents a 66.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 33.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several large investors have recently modified their holdings of the stock. CWM LLC raised its stake in ARS Pharmaceuticals by 243.7% during the third quarter. CWM LLC now owns 2,547 shares of the company’s stock valued at $26,000 after buying an additional 1,806 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of ARS Pharmaceuticals by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock valued at $56,000 after acquiring an additional 982 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of ARS Pharmaceuticals by 197.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company’s stock valued at $67,000 after acquiring an additional 4,427 shares in the last quarter. Quantbot Technologies LP acquired a new position in ARS Pharmaceuticals in the third quarter worth $82,000. Finally, Osaic Holdings Inc. increased its stake in ARS Pharmaceuticals by 52.8% during the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock valued at $91,000 after purchasing an additional 1,803 shares during the last quarter. 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.