ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 2.8% - Time to Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) fell 2.8% on Monday . The stock traded as low as $10.82 and last traded at $10.88. 51,152 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,019,405 shares. The stock had previously closed at $11.19.

Wall Street Analyst Weigh In

SPRY has been the subject of a number of analyst reports. Leerink Partners lifted their price target on 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 reiterated an "overweight" rating and set a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Four equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $24.00.

ARS Pharmaceuticals Trading Down 1.0 %

The stock has a market cap of $1.08 billion, a P/E ratio of -21.73 and a beta of 0.96. The company's 50-day simple moving average is $13.31 and its 200 day simple moving average is $12.66.

Insiders Place Their Bets

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $13.83, for a total value of $1,383,000.00. Following the transaction, the chief executive officer now owns 1,346,494 shares in the company, valued at approximately $18,622,012.02. This represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the transaction, the insider now directly owns 5,274,735 shares of the company's stock, valued at approximately $95,156,219.40. This trade represents a 9.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,258,058 shares of company stock valued at $19,369,686. Insiders own 40.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. nVerses Capital LLC bought a new stake in ARS Pharmaceuticals in the 3rd quarter valued at about $30,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ARS Pharmaceuticals by 151.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company's stock valued at $63,000 after purchasing an additional 4,472 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of ARS Pharmaceuticals during the 2nd quarter valued at approximately $87,000. J.W. Cole Advisors Inc. boosted its holdings in ARS Pharmaceuticals by 10.8% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company's stock worth $131,000 after buying an additional 1,500 shares during the period. Finally, Quarry LP purchased a new position in ARS Pharmaceuticals in the 3rd quarter valued at approximately $174,000. Hedge funds and other institutional investors own 68.16% of the company's stock.

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.