ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 4% After Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares were down 4% on Friday after an insider sold shares in the company. The stock traded as low as $10.83 and last traded at $10.87. Approximately 601,668 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 831,488 shares. The stock had previously closed at $11.32.

Specifically, insider Sarina Tanimoto sold 100,000 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $11.67, for a total transaction of $1,167,000.00. Following the completion of the sale, the insider now owns 1,098,499 shares in the company, valued at approximately $12,819,483.33. This represents a 8.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

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

ARS Pharmaceuticals Price Performance

The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -21.92 and a beta of 0.88. The stock has a 50 day moving average price of $14.44 and a two-hundred day moving average price of $12.42.

Institutional Trading of ARS Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. nVerses Capital LLC acquired a new position in ARS Pharmaceuticals in the third quarter valued at approximately $30,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 purchasing an additional 4,472 shares during the period. Principal Financial Group Inc. bought a new position in shares of ARS Pharmaceuticals during the second quarter worth about $87,000. Quarry LP bought a new position in shares of ARS Pharmaceuticals during the 3rd quarter worth approximately $174,000. Finally, TFG Advisers LLC acquired a new stake in ARS Pharmaceuticals in the 3rd quarter valued at $180,000. 68.16% of the stock is owned by 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.