ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 5.3% – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price dropped 5.3% during trading on Friday . The company traded as low as $13.51 and last traded at $13.53. Approximately 488,722 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,332,484 shares. The stock had previously closed at $14.29.

Analysts Set New Price Targets

SPRY has been the topic of a number of recent analyst reports. Leerink Partners raised their price target on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Raymond James upped their price target on ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Four research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $26.00.

ARS Pharmaceuticals Price Performance

The stock has a market capitalization of $1.26 billion, a PE ratio of -25.51 and a beta of 0.96. The business’s fifty day moving average price is $12.52 and its two-hundred day moving average price is $13.07.

Insider Activity

In other ARS Pharmaceuticals news, COO Brian Dorsey sold 25,000 shares of ARS Pharmaceuticals stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.30, for a total transaction of $307,500.00. Following the completion of the transaction, the chief operating officer now owns 6,024 shares in the company, valued at approximately $74,095.20. This trade represents a 80.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder James E. Flynn sold 528,456 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $18.04, for a total value of $9,533,346.24. Following the completion of the sale, the insider now owns 5,274,735 shares in the company, valued at $95,156,219.40. The trade was a 9.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,095,558 shares of company stock valued at $16,853,686. Company insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new stake in ARS Pharmaceuticals during the third quarter worth $30,000. Quarry LP purchased a new position in shares of ARS Pharmaceuticals in the 3rd quarter valued at about $174,000. TFG Advisers LLC acquired a new position in ARS Pharmaceuticals in the 3rd quarter worth about $180,000. Stifel Financial Corp purchased a new position in ARS Pharmaceuticals during the third quarter worth approximately $199,000. Finally, Intech Investment Management LLC acquired a new stake in ARS Pharmaceuticals in the third quarter valued at approximately $239,000. Institutional investors and hedge funds 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.