ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 5.5% - What's Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares dropped 5.5% on Friday . The stock traded as low as $11.93 and last traded at $11.95. Approximately 426,216 shares were traded during trading, a decline of 48% from the average daily volume of 822,562 shares. The stock had previously closed at $12.64.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Leerink Partners boosted their target price 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. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 target price on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Finally, William Blair raised 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 has a consensus rating of "Buy" and an average price target of $24.00.

ARS Pharmaceuticals Stock Performance

The stock has a market cap of $1.16 billion, a P/E ratio of -23.33 and a beta of 0.88. The business's 50-day moving average price is $14.62 and its 200-day moving average price is $12.37.

Insider Buying and Selling at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Eric Karas sold 10,000 shares of the stock in a transaction on Wednesday, September 18th. 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 5,693 shares in the company, valued at approximately $79,702. This represents a 63.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sarina Tanimoto sold 100,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.88, for a total value of $1,488,000.00. Following the completion of the transaction, the insider now owns 1,298,499 shares in the company, valued at $19,321,665.12. The trade was a 7.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,268,058 shares of company stock valued at $19,635,686. Company insiders own 40.10% of the company's stock.

Institutional Trading of ARS Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of SPRY. nVerses Capital LLC bought a new stake in shares of ARS Pharmaceuticals in the third quarter worth about $30,000. Zurcher Kantonalbank Zurich Cantonalbank increased 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 acquiring an additional 4,472 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of ARS Pharmaceuticals during the 2nd quarter worth approximately $87,000. J.W. Cole Advisors Inc. raised its holdings in shares of ARS Pharmaceuticals by 10.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company's stock worth $131,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Quarry LP bought a new position in shares of ARS Pharmaceuticals during the 3rd quarter valued at approximately $174,000. 68.16% of the stock is currently owned by institutional investors.

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.