ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 11.5% After Insider Selling

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) were down 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 traded 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 that occurred on Thursday, March 20th. The stock was 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 owns 7,696 shares of the company's stock, valued at $107,744. This represents a 56.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SPRY shares. Scotiabank initiated coverage on shares of ARS Pharmaceuticals in a report on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 price objective for the company. Raymond James boosted their price target on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 14th. Oppenheimer began coverage on ARS Pharmaceuticals in a research note on Monday, February 10th. They set an "outperform" rating and a $40.00 price objective on the stock. William Blair reiterated an "outperform" rating on shares of ARS Pharmaceuticals in a report on Monday, March 3rd. Finally, Leerink Partners raised 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. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $31.00.

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ARS Pharmaceuticals Trading Up 2.0 %

The firm has a market cap of $1.28 billion, a PE ratio of -25.78 and a beta of 1.03. The firm has a fifty day simple moving average of $12.13 and a two-hundred day simple moving average of $13.07.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.56. The company had revenue of $86.58 million for the quarter, compared to analysts' expectations of $15.46 million. Equities analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the stock. Bernard Wealth Management Corp. bought a new stake in ARS Pharmaceuticals during the 4th quarter valued at approximately $27,000. KLP Kapitalforvaltning AS purchased a new position in shares of ARS Pharmaceuticals in the 4th quarter valued at approximately $73,000. BNP Paribas Financial Markets bought a new stake in shares of ARS Pharmaceuticals during the fourth quarter valued at approximately $75,000. Ball & Co Wealth Management Inc. purchased a new stake in ARS Pharmaceuticals in the fourth quarter worth $105,000. Finally, Compass Capital Corp MA ADV purchased a new stake in ARS Pharmaceuticals in the fourth quarter worth $106,000. 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.