ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $8.19, but opened at $7.60. ARS Pharmaceuticals shares last traded at $7.87, with a volume of 300,595 shares changing hands.

Wall Street Analysts Forecast Growth

SPRY has been the topic of a number of recent research reports. Cantor Fitzgerald increased their price objective on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. 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 upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Northland Securities began coverage on ARS Pharmaceuticals in a research report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price target for the company. Finally, Leerink Partners decreased their price objective on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.20.

ARS Pharmaceuticals Stock Performance

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 $762.52 million, a PE ratio of -3.82 and a beta of 0.95. The firm’s 50-day simple moving average is $8.72 and its two-hundred day simple moving average is $9.23.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.08). The company had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $22.20 million. ARS Pharmaceuticals had a negative return on equity of 153.61% and a negative net margin of 200.00%. As a group, research analysts anticipate that ARS Pharmaceuticals, Inc. will post -1.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ARS Pharmaceuticals news, insider Alexander A. Fitzpatrick sold 3,355 shares of ARS Pharmaceuticals stock in a transaction dated 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 sale, the insider 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the sale, the insider owned 12,176 shares in the company, valued at approximately $121,760. The trade was a 67.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 33.80% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bamco Inc. NY increased its stake in shares of ARS Pharmaceuticals by 3,071.3% in the third quarter. Bamco Inc. NY now owns 1,268,532 shares of the company’s stock worth $12,749,000 after acquiring an additional 1,228,532 shares during the period. Casdin Capital LLC purchased a new stake in ARS Pharmaceuticals in the third quarter valued at $16,080,000. Investment Management Associates Inc. ADV purchased a new stake in ARS Pharmaceuticals in the fourth quarter valued at $3,629,000. UBS Group AG grew its position in ARS Pharmaceuticals by 235.0% during the 4th quarter. UBS Group AG now owns 2,210,866 shares of the company’s stock worth $25,757,000 after purchasing an additional 1,550,980 shares during the period. Finally, Creek Drive Management Group LLC acquired a new stake in ARS Pharmaceuticals during the 4th quarter worth about $3,447,000. Institutional investors and hedge funds 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.