** Shares of ARS Pharmaceuticals SPRY.O fall 26% to $7.79, snapping a three-day gaining streak

** ARS Pharmaceuticals said late on Wednesday it did not get any new insurance coverage approvals for its allergy spray neffy in the latest July cycle

** Neffy is an epinephrine nasal spray used for emergency treatment of severe allergic reactions, and it is already approved for use in adults and children above a certain weight

** The company cut its 2026 spending forecast to about $248 million as it tightens costs

** It still expects neffy sales growth to help reach cash-flow breakeven in 2027

** "While we expect this news to be viewed somewhat negatively given investor expectations for a favorable CVS CVS.N Caremark coverage decision catalyst, we think the long-term value for neffy remains largely intact, and we remain positive on the story," Leerink Partners analyst says

** The drug remains widely available to commercially insured patients through existing coverage and a retail cash option priced in line with other epinephrine products

** As of last close, stock down 9.5% YTD