ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Down 5% – Should You Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares dropped 5% during mid-day trading on Wednesday . The stock traded as low as $15.95 and last traded at $15.95. Approximately 158,680 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 762,331 shares. The stock had previously closed at $16.79.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Raymond James raised shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $18.00 to $22.00 in a research report on Tuesday, August 13th. William Blair upgraded shares of ARS Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Leerink Partners lifted their target price on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Stock Down 5.4 %

The business’s fifty day moving average is $13.80 and its two-hundred day moving average is $10.92. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -33.79 and a beta of 0.91.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The company had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $2.00 million. As a group, sell-side analysts expect that ARS Pharmaceuticals, Inc. will post -0.66 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Richard E. Lowenthal sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $12.93, for a total transaction of $1,293,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,398,499 shares of the company’s stock, valued at approximately $18,082,592.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Kathleen D. Scott sold 12,500 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $16.00, for a total value of $200,000.00. Following the completion of the transaction, the chief financial officer now owns 4,949 shares in the company, valued at approximately $79,184. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Richard E. Lowenthal sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $12.93, for a total value of $1,293,000.00. Following the transaction, the chief executive officer now directly owns 1,398,499 shares in the company, valued at approximately $18,082,592.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,055,895 shares of company stock worth $14,619,032. Corporate insiders own 40.10% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. increased its position in ARS Pharmaceuticals by 14.8% during the first quarter. RA Capital Management L.P. now owns 10,860,977 shares of the company’s stock worth $110,999,000 after buying an additional 1,401,299 shares during the period. Vanguard Group Inc. increased its holdings 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 acquiring an additional 779,969 shares during the period. ClariVest Asset Management LLC purchased a new stake in ARS Pharmaceuticals in the 1st quarter valued at $2,790,000. Jacobs Levy Equity Management Inc. boosted its stake in ARS Pharmaceuticals by 1,280.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 277,706 shares of the company’s stock worth $2,838,000 after purchasing an additional 257,589 shares during the period. Finally, Raymond James & Associates purchased a new position in ARS Pharmaceuticals during the 3rd quarter worth $2,969,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

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.