ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 3.6% – Time to Sell?

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) were down 3.6% during trading on Thursday . The company traded as low as $10.85 and last traded at $11.00. Approximately 58,541 shares changed hands during trading, a decline of 93% from the average daily volume of 837,398 shares. The stock had previously closed at $11.41.

Analysts Set New Price Targets

Several brokerages recently commented on SPRY. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Leerink Partners upped their price target 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. Four analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $24.00.

ARS Pharmaceuticals Price Performance

The company has a market cap of $1.06 billion, a price-to-earnings ratio of -21.29 and a beta of 0.88. The firm has a 50-day moving average price of $14.11 and a 200 day moving average price of $12.51.

Insider Transactions at ARS Pharmaceuticals

In related news, COO Brian Dorsey sold 25,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.30, for a total value of $307,500.00. Following the transaction, the chief operating officer now directly owns 6,024 shares of the company’s stock, valued at approximately $74,095.20. The trade was a 80.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard E. Lowenthal sold 100,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $13.83, for a total value of $1,383,000.00. Following the transaction, the chief executive officer now directly owns 1,346,494 shares of the company’s stock, valued at $18,622,012.02. The trade was a 6.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,258,058 shares of company stock worth $19,369,686. Company insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. nVerses Capital LLC bought a new stake in shares of ARS Pharmaceuticals during the third quarter valued at approximately $30,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 worth $63,000 after buying an additional 4,472 shares during the period. Principal Financial Group Inc. bought a new position in shares of ARS Pharmaceuticals in the 2nd quarter worth about $87,000. Quarry LP bought a new stake in ARS Pharmaceuticals during the third quarter worth about $174,000. Finally, TFG Advisers LLC purchased a new stake in ARS Pharmaceuticals in the third quarter worth about $180,000. Hedge funds and other institutional investors own 68.16% of the company’s stock.

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.