ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 11.5% Following Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price dropped 11.5% during trading on Friday after an insider sold shares in the company. The company traded as low as $12.30 and last traded at $12.66. Approximately 592,685 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 1,035,771 shares. The stock had previously closed at $14.31.

Specifically, insider Eric Karas sold 10,000 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the sale, the insider now directly owns 7,696 shares in the company, valued at approximately $107,744. This represents a 56.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Analysts Set New Price Targets

SPRY has been the subject of a number of recent analyst reports. William Blair reaffirmed an "outperform" rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Raymond James upped their price objective on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a "strong-buy" rating in a report on Tuesday, January 14th. Leerink Partners lifted their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an "outperform" rating in a report on Monday, January 13th. Oppenheimer began coverage on shares of ARS Pharmaceuticals in a report on Monday, February 10th. They set an "outperform" rating and a $40.00 price target for the company. Finally, Scotiabank assumed coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $31.00.

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ARS Pharmaceuticals Stock Up 0.0 %

The business has a 50-day moving average price of $12.10 and a 200-day moving average price of $13.06. The firm has a market capitalization of $1.25 billion, a P/E ratio of -25.25 and a beta of 1.03.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.56. The business had revenue of $86.58 million during the quarter, compared to the consensus estimate of $15.46 million. As a group, sell-side analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ARS Pharmaceuticals during the third quarter valued at approximately $1,120,000. Intech Investment Management LLC acquired a new stake in ARS Pharmaceuticals in the 3rd quarter valued at $239,000. Charles Schwab Investment Management Inc. grew its position in ARS Pharmaceuticals by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,947 shares of the company's stock valued at $6,147,000 after acquiring an additional 8,417 shares during the period. The Manufacturers Life Insurance Company raised its stake in ARS Pharmaceuticals by 121.1% during the third quarter. The Manufacturers Life Insurance Company now owns 46,854 shares of the company's stock worth $679,000 after acquiring an additional 25,658 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of ARS Pharmaceuticals by 766.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company's stock valued at $3,401,000 after acquiring an additional 207,456 shares during the period. 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.