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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $16.61, but opened at $16.11. ARS Pharmaceuticals shares last traded at $15.77, with a volume of 594,391 shares.

Specifically, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the sale, the insider now owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SPRY. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Raymond James raised ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $18.00 to $22.00 in a research note on Tuesday, August 13th. Finally, Leerink Partners raised their price target on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Four research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ARS Pharmaceuticals has an average rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Trading Up 0.2 %

The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -30.02 and a beta of 0.90. The firm has a 50 day moving average price of $14.58 and a two-hundred day moving average price of $11.67.

Hedge Funds Weigh In On ARS Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of ARS Pharmaceuticals by 37.0% in the 1st quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock valued at $29,500,000 after purchasing an additional 779,969 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of ARS Pharmaceuticals by 861.5% in the 2nd quarter. SG Americas Securities LLC now owns 111,592 shares of the company’s stock valued at $950,000 after purchasing an additional 99,986 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of ARS Pharmaceuticals in the 3rd quarter valued at about $2,584,000. Bank of New York Mellon Corp lifted its stake in shares of ARS Pharmaceuticals by 99.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company’s stock valued at $1,185,000 after purchasing an additional 69,394 shares in the last quarter. Finally, Raymond James & Associates purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter valued at about $2,969,000. 68.16% of the stock is owned by institutional investors and hedge funds.

ARS Pharmaceuticals Company Profile

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.