ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 6.3% – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) fell 6.3% during mid-day trading on Monday . The company traded as low as $13.60 and last traded at $13.60. 96,847 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 811,459 shares. The stock had previously closed at $14.51.

Wall Street Analyst Weigh In

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

ARS Pharmaceuticals Price Performance

The business has a fifty day moving average price of $14.82 and a 200 day moving average price of $12.09. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -26.67 and a beta of 0.90.

Insiders Place Their Bets

In related news, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now directly owns 5,693 shares of the company’s stock, valued at $79,702. This trade represents a 63.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.88, for a total value of $1,488,000.00. Following the sale, the insider now owns 1,298,499 shares in the company, valued at $19,321,665.12. The trade was a 7.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 908,770 shares of company stock worth $14,856,492 in the last ninety days. Insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Large investors have recently modified their holdings of the stock. nVerses Capital LLC acquired a new stake in shares of ARS Pharmaceuticals in the 3rd quarter valued at $30,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of ARS Pharmaceuticals by 151.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock valued at $63,000 after purchasing an additional 4,472 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of ARS Pharmaceuticals during the 2nd quarter worth approximately $87,000. J.W. Cole Advisors Inc. raised its stake in shares of ARS Pharmaceuticals by 10.8% during the second quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock worth $131,000 after buying an additional 1,500 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in ARS Pharmaceuticals in the first quarter valued at approximately $172,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

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.