ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 3.6% - What's Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s share price dropped 3.6% on Thursday . The company traded as low as $10.85 and last traded at $11.00. Approximately 58,541 shares traded hands during trading, a decline of 93% from the average daily volume of 837,398 shares. The stock had previously closed at $11.41.

Analyst Upgrades and Downgrades

SPRY has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Leerink Partners boosted their price target on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an "outperform" rating in a report on Friday, September 20th. Finally, William Blair raised shares of ARS Pharmaceuticals to a "strong-buy" rating in a research report on Friday, August 30th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Performance

The stock's 50-day moving average is $14.11 and its 200 day moving average is $12.51. The stock has a market capitalization of $1.08 billion, a PE ratio of -21.86 and a beta of 0.88.

Insiders Place Their Bets

In related news, insider Sarina Tanimoto sold 100,000 shares of the firm'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 transaction, the insider now owns 1,098,499 shares of the company's stock, valued at $12,819,483.33. This trade represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Justin Chakma sold 27,272 shares of ARS Pharmaceuticals stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $12.06, for a total value of $328,900.32. Following the completion of the transaction, the insider now owns 136,380 shares in the company, valued at $1,644,742.80. This trade represents a 16.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,258,058 shares of company stock valued at $19,369,686 over the last quarter. Company insiders own 40.10% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several institutional investors have recently bought and sold shares of SPRY. State Street Corp lifted its holdings in ARS Pharmaceuticals by 10.4% in the third quarter. State Street Corp now owns 2,049,542 shares of the company's stock valued at $29,718,000 after acquiring an additional 193,321 shares during the period. Geode Capital Management LLC boosted its holdings in ARS Pharmaceuticals by 3.3% during the third quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company's stock worth $17,909,000 after buying an additional 38,927 shares in the last quarter. Royce & Associates LP grew its position in ARS Pharmaceuticals by 7.1% during the third quarter. Royce & Associates LP now owns 691,455 shares of the company's stock worth $10,026,000 after buying an additional 45,755 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of ARS Pharmaceuticals by 78.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company's stock valued at $9,469,000 after acquiring an additional 288,021 shares during the period. Finally, First Turn Management LLC purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter worth approximately $8,603,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.