Leerink Partners Lowers ARS Pharmaceuticals (NASDAQ:SPRY) Price Target to $24.00

ARS Pharmaceuticals (NASDAQ:SPRY) had its target price reduced by Leerink Partners from $25.00 to $24.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Leerink Partners’ price objective points to a potential upside of 203.80% from the company’s previous close.

Several other brokerages have also recently weighed in on SPRY. Cantor Fitzgerald boosted their price objective on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Weiss Ratings raised shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Northland Securities started coverage on shares of ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 target price for the company. Wall Street Zen upgraded shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Zacks Research upgraded ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.20.

ARS Pharmaceuticals Trading Down 25.0%

NASDAQ:SPRY traded down $2.64 during trading hours on Thursday, hitting $7.90. 3,588,313 shares of the stock were exchanged, compared to its average volume of 1,579,996. The company has a market capitalization of $784.47 million, a P/E ratio of -3.93 and a beta of 0.94. 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’s 50 day moving average is $8.70 and its two-hundred day moving average is $9.36. ARS Pharmaceuticals has a twelve month low of $6.66 and a twelve month high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its earnings results on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The firm had revenue of $22.68 million during the quarter, compared to analyst estimates of $22.20 million. On average, sell-side analysts anticipate that ARS Pharmaceuticals will post -1.89 earnings per share for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Alexander A. Fitzpatrick sold 3,355 shares of the stock in a transaction 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 sale, the insider directly owned 90,910 shares in the company, valued at approximately $909,100. This trade represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction 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 directly owned 12,176 shares in the company, valued at approximately $121,760. This represents a 67.25% decrease in their ownership of the stock. 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 currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPRY. Torren Management LLC acquired a new stake in shares of ARS Pharmaceuticals during the fourth quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. increased its stake in ARS Pharmaceuticals by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock worth $56,000 after purchasing an additional 982 shares in the last quarter. Bessemer Group Inc. increased its stake in ARS Pharmaceuticals by 3,102.1% during the 1st quarter. Bessemer Group Inc. now owns 7,525 shares of the company’s stock worth $61,000 after purchasing an additional 7,290 shares in the last quarter. Osterweis Capital Management Inc. acquired a new stake in ARS Pharmaceuticals during the 4th quarter worth approximately $65,000. Finally, Russell Investments Group Ltd. lifted its stake in ARS Pharmaceuticals by 197.5% in the third quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company’s stock valued at $67,000 after buying an additional 4,427 shares in the last quarter. 68.16% of the stock is owned by institutional investors and hedge funds.

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.