ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 3.4% on Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) dropped 3.4% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $8.74 and last traded at $8.75. Approximately 235,142 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 612,290 shares. The stock had previously closed at $9.06.

Specifically, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $9.28, for a total value of $928,000.00. Following the completion of the transaction, the insider now directly owns 1,647,447 shares in the company, valued at $15,288,308.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Richard E. Lowenthal sold 2,800 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.00, for a total transaction of $25,200.00. Following the completion of the transaction, the chief executive officer now owns 1,744,994 shares in the company, valued at approximately $15,704,946. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $9.28, for a total transaction of $928,000.00. Following the completion of the sale, the insider now owns 1,647,447 shares in the company, valued at $15,288,308.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 503,260 shares of company stock valued at $4,612,480. Insiders own 35.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SPRY shares. Leerink Partnrs upgraded shares of ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 5th. SVB Leerink raised shares of ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $6.00 to $18.00 in a research report on Tuesday, March 5th. William Blair upgraded shares of ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 20th. Finally, Wedbush reiterated an “outperform” rating and set a $19.00 price objective on shares of ARS Pharmaceuticals in a research report on Monday, March 11th.

ARS Pharmaceuticals Stock Down 6.8 %

The business’s 50-day moving average price is $8.73 and its 200-day moving average price is $6.25. The firm has a market capitalization of $814.48 million, a PE ratio of -14.81 and a beta of 0.83.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its earnings results on Thursday, March 21st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.07. On average, analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of ARS Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC increased its position in ARS Pharmaceuticals by 22,300.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the company’s stock worth $31,000 after purchasing an additional 5,575 shares during the last quarter. AJOVista LLC acquired a new position in shares of ARS Pharmaceuticals during the 4th quarter worth $43,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of ARS Pharmaceuticals by 352.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,105 shares of the company’s stock valued at $61,000 after purchasing an additional 8,652 shares in the last quarter. Wells Fargo & Company MN acquired a new stake in ARS Pharmaceuticals in the 2nd quarter worth approximately $64,000. Finally, Tower Research Capital LLC TRC bought a new position in ARS Pharmaceuticals in the 2nd quarter worth approximately $64,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.