ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down on Disappointing Earnings

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $6.10, but opened at $5.10. ARS Pharmaceuticals shares last traded at $5.5360, with a volume of 594,956 shares changing hands.

The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.15). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The company had revenue of $33.66 million for the quarter, compared to analyst estimates of $31.32 million.

Key ARS Pharmaceuticals News

Here are the key news stories impacting ARS Pharmaceuticals this week:

• Positive Sentiment: ARS Pharmaceuticals reported $33.66 million in second-quarter revenue, exceeding analyst expectations of $31.32 million. U.S. neffy net product revenue reached $26.2 million, while the product captured 5% of the U.S. epinephrine market for Type 1 allergies and 8% within field-targeted accounts. ARS Pharmaceuticals second-quarter results and strategic priorities
• Neutral Sentiment: Management outlined a more focused commercial strategy during its second-quarter earnings call. The approach could improve spending discipline, but investors will likely look for evidence that the strategy can expand neffy adoption and support a path toward profitability. ARS Pharmaceuticals Q2 2026 earnings call transcript
• Negative Sentiment: The company posted a second-quarter loss of $0.63 per share, wider than analysts’ consensus estimate of approximately $0.48 per share and the $0.46 loss reported a year earlier. The result underscores continued heavy losses, with negative net margin and return on equity. ARS Pharmaceuticals quarterly earnings report
• Negative Sentiment: Multiple law firms are promoting a securities class action covering investors who purchased SPRY between March 9 and June 24, 2026. The allegations focus on disclosures concerning CVS Caremark’s formulary decision and the risk that neffy coverage could be delayed until January 2027. The litigation creates an additional reputational and potential financial overhang, although the allegations have not been proven. SPRY securities class action deadline alert

Analyst Ratings Changes

SPRY has been the topic of a number of recent research reports. Cantor Fitzgerald boosted their target price on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Leerink Partners cut their price target 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. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings raised ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ARS Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.20.

Insider Buying and Selling

In other ARS Pharmaceuticals news, insider Eric Karas sold 25,000 shares of the 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 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of ARS Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the completion of the transaction, the insider directly owned 90,910 shares in the company, valued at approximately $909,100. This represents a 3.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is currently owned by company insiders.

Institutional Trading of ARS Pharmaceuticals

Large investors have recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. acquired a new stake in ARS Pharmaceuticals in the 2nd quarter valued at approximately $1,407,000. Investment Management Associates Inc. ADV bought a new position in ARS Pharmaceuticals in the 4th quarter worth approximately $3,629,000. Creek Drive Management Group LLC acquired a new position in shares of ARS Pharmaceuticals during the fourth quarter worth approximately $3,447,000. Rubric Capital Management LP lifted its holdings in shares of ARS Pharmaceuticals by 29.0% during the first quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company’s stock worth $64,240,000 after buying an additional 1,800,000 shares during the last quarter. Finally, UBS Group AG boosted 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 valued at $25,757,000 after acquiring an additional 1,550,980 shares during the period. 68.16% of the stock is owned by institutional investors.

ARS Pharmaceuticals Stock Down 6.3%

The company has a quick ratio of 4.77, a current ratio of 4.94 and a debt-to-equity ratio of 2.79. The company has a market capitalization of $567.80 million, a P/E ratio of -2.81 and a beta of 0.98. The firm has a 50-day moving average price of $7.63 and a two-hundred day moving average price of $8.33.

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.