ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 11.5% – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares dropped 11.5% during mid-day trading on Friday . The company traded as low as $12.30 and last traded at $12.66. Approximately 592,685 shares traded hands during trading, a decline of 43% from the average daily volume of 1,035,771 shares. The stock had previously closed at $14.31.

Wall Street Analyst Weigh In

SPRY has been the subject of a number of recent research reports. Oppenheimer initiated coverage on shares of ARS Pharmaceuticals in a research report on Monday, February 10th. They set an “outperform” rating and a $40.00 price target for the company. William Blair reissued an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Scotiabank initiated coverage on shares of ARS Pharmaceuticals in a research report on Friday, March 7th. They set a “sector outperform” rating and a $30.00 price target for the company. Raymond James raised their price objective on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 14th. Finally, Leerink Partners raised their price objective on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.00.

ARS Pharmaceuticals Stock Performance

The business’s 50 day moving average is $12.04 and its 200-day moving average is $13.04. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -25.13 and a beta of 1.03.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings results on Thursday, March 20th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.56. The company had revenue of $86.58 million during the quarter, compared to analyst estimates of $15.46 million. Sell-side analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other ARS Pharmaceuticals news, Director Laura Shawver sold 50,000 shares of ARS Pharmaceuticals stock in a transaction on Monday, January 6th. The shares were sold at an average price of $11.10, for a total transaction of $555,000.00. Following the sale, the director now owns 210,346 shares of the company’s stock, valued at $2,334,840.60. The trade was a 19.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 149,600 shares of company stock valued at $1,726,516 in the last 90 days. 40.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bernard Wealth Management Corp. purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter worth $27,000. KLP Kapitalforvaltning AS purchased a new stake in ARS Pharmaceuticals in the 4th quarter valued at about $73,000. BNP Paribas Financial Markets purchased a new stake in ARS Pharmaceuticals in the 4th quarter valued at about $75,000. Ball & Co Wealth Management Inc. purchased a new stake in ARS Pharmaceuticals in the 4th quarter valued at about $105,000. Finally, Compass Capital Corp MA ADV purchased a new stake in ARS Pharmaceuticals in the 4th quarter valued at about $106,000. Hedge funds and other 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.