Cantor Fitzgerald Brokers Reduce Earnings Estimates for SPRY

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) – Stock analysts at Cantor Fitzgerald lowered their FY2024 EPS estimates for shares of ARS Pharmaceuticals in a report issued on Wednesday, December 4th. Cantor Fitzgerald analyst J. Schimmer now forecasts that the company will earn ($0.76) per share for the year, down from their previous estimate of ($0.42). Cantor Fitzgerald currently has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for ARS Pharmaceuticals’ current full-year earnings is ($0.58) per share.

Several other analysts have also recently commented on the company. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Raymond James raised ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $18.00 to $22.00 in a research note on Tuesday, August 13th. Finally, Leerink Partners upped their target price on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Four equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Performance

NASDAQ SPRY opened at $14.02 on Friday. The firm’s 50 day moving average price is $14.79 and its two-hundred day moving average price is $12.24. ARS Pharmaceuticals has a twelve month low of $5.01 and a twelve month high of $18.51. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -27.49 and a beta of 0.88.

Institutional Trading of ARS Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in SPRY. Barclays PLC raised its stake in shares of ARS Pharmaceuticals by 189.7% in the 3rd quarter. Barclays PLC now owns 111,666 shares of the company’s stock valued at $1,618,000 after acquiring an additional 73,127 shares in the last quarter. Geode Capital Management LLC raised its position in shares of ARS Pharmaceuticals by 3.3% in the third quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company’s stock valued at $17,909,000 after purchasing an additional 38,927 shares during the period. XTX Topco Ltd acquired a new stake in shares of ARS Pharmaceuticals in the third quarter worth $250,000. Wellington Management Group LLP lifted its stake in shares of ARS Pharmaceuticals by 38.9% in the third quarter. Wellington Management Group LLP now owns 162,335 shares of the company’s stock worth $2,354,000 after buying an additional 45,452 shares during the last quarter. Finally, Wexford Capital LP bought a new stake in shares of ARS Pharmaceuticals during the 3rd quarter worth $3,601,000. Institutional investors and hedge funds own 68.16% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder James E. Flynn sold 528,456 shares of ARS Pharmaceuticals stock in a transaction on Monday, November 11th. The shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the completion of the sale, the insider now owns 5,274,735 shares of the company’s stock, valued at approximately $95,156,219.40. The trade was a 9.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Karas sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider now owns 5,693 shares of the company’s stock, valued at $79,702. This represents a 63.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,115,786 shares of company stock worth $17,683,286. Corporate insiders own 40.10% 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.