ARS Pharmaceuticals (NASDAQ:SPRY) Given New $24.00 Price Target at Leerink Partners

ARS Pharmaceuticals (NASDAQ:SPRY) had its price target cut by equities researchers at Leerink Partners from $25.00 to $24.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Leerink Partners’ price objective would suggest a potential upside of 203.80% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Wall Street Zen raised ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Cantor Fitzgerald raised their price target 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 upgraded shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Northland Securities assumed coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, Weiss Ratings upgraded shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.20.

ARS Pharmaceuticals Stock Down 25.0%

SPRY stock traded down $2.64 during trading hours on Thursday, reaching $7.90. 3,588,313 shares of the stock were exchanged, compared to its average volume of 1,579,996. The firm’s 50-day moving average is $8.70 and its 200-day moving average is $9.36. ARS Pharmaceuticals has a 12 month low of $6.66 and a 12 month high of $18.90. The company has a market cap of $784.47 million, a price-to-earnings ratio of -3.93 and a beta of 0.94. The company has a debt-to-equity ratio of 2.79, a current ratio of 4.94 and a quick ratio of 4.77.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.08). The firm had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. On average, equities research analysts expect that ARS Pharmaceuticals 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 company’s stock in a transaction that occurred on 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 in the company, valued at $121,760. This represents a 67.25% decrease in their position. The sale was disclosed in a document filed 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 stock in a transaction that occurred on 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 directly owned 90,910 shares of the company’s stock, valued at approximately $909,100. The trade was a 3.56% decrease in their position. 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 company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. FAS Wealth Partners Inc. increased 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 during the last quarter. Alpine Woods Capital Investors LLC acquired a new position in shares of ARS Pharmaceuticals in the first quarter valued at $80,000. ADAR1 Capital Management LLC raised its position in shares of ARS Pharmaceuticals by 268.4% in the first quarter. ADAR1 Capital Management LLC now owns 1,361,536 shares of the company’s stock valued at $10,933,000 after purchasing an additional 991,967 shares during the period. Rubric Capital Management LP raised its position in shares of ARS Pharmaceuticals by 29.0% in the first quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company’s stock valued at $64,240,000 after purchasing an additional 1,800,000 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in shares of ARS Pharmaceuticals by 90.9% during the 1st 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. 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.