ARS Pharmaceuticals, Inc. $SPRY Shares Acquired by Rubric Capital Management LP

Rubric Capital Management LP lifted its position in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) by 29.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,000,000 shares of the company’s stock after purchasing an additional 1,800,000 shares during the quarter. Rubric Capital Management LP owned 8.06% of ARS Pharmaceuticals worth $64,240,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SPRY. Investment Management Associates Inc. ADV acquired a new stake in ARS Pharmaceuticals during the fourth quarter valued at $3,629,000. Creek Drive Management Group LLC acquired a new position in shares of ARS Pharmaceuticals in the fourth quarter worth about $3,447,000. UBS Group AG raised its position in shares of ARS Pharmaceuticals by 235.0% in the fourth quarter. UBS Group AG now owns 2,210,866 shares of the company’s stock worth $25,757,000 after acquiring an additional 1,550,980 shares during the period. Aberdeen Group plc boosted its stake in shares of ARS Pharmaceuticals by 14.8% during the 4th quarter. Aberdeen Group plc now owns 3,556,049 shares of the company’s stock worth $41,428,000 after acquiring an additional 459,027 shares in the last quarter. Finally, General American Investors Co. Inc. boosted its stake in shares of ARS Pharmaceuticals by 29.9% during the 1st quarter. General American Investors Co. Inc. now owns 727,154 shares of the company’s stock worth $5,839,000 after acquiring an additional 167,195 shares in the last quarter. 68.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ARS Pharmaceuticals

In other news, insider Eric Karas sold 25,000 shares of the firm’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 value of $250,000.00. Following the transaction, the insider owned 12,176 shares in the company, valued at $121,760. This trade represents a 67.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through 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 firm’s 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 transaction, the insider owned 90,910 shares in the company, valued at approximately $909,100. This trade represents a 3.56% 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. 33.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings raised ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Cantor Fitzgerald increased their price target on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Northland Securities started coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, Leerink Partners cut their price objective on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.20.

ARS Pharmaceuticals Stock Performance

NASDAQ:SPRY opened at $5.76 on Tuesday. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94. The stock has a market capitalization of $571.97 million, a PE ratio of -2.87 and a beta of 0.95. ARS Pharmaceuticals, Inc. has a fifty-two week low of $5.62 and a fifty-two week high of $18.63. The company has a fifty day moving average of $8.36 and a two-hundred day moving average of $8.81.

ARS Pharmaceuticals (NASDAQ:SPRY) last announced its earnings results on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.08). The company had revenue of $22.68 million during the quarter, compared to analyst estimates of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. As a group, research analysts forecast that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current fiscal year.

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.