Franklin Resources Inc. Sells 113,711 Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

Franklin Resources Inc. reduced its position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 3.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,837,252 shares of the company's stock after selling 113,711 shares during the quarter. Franklin Resources Inc. owned about 2.92% of ARS Pharmaceuticals worth $42,417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of ARS Pharmaceuticals by 99.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company's stock valued at $1,185,000 after acquiring an additional 69,394 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ARS Pharmaceuticals by 151.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company's stock valued at $63,000 after buying an additional 4,472 shares in the last quarter. FAS Wealth Partners Inc. grew its position in ARS Pharmaceuticals by 11.9% in the second quarter. FAS Wealth Partners Inc. now owns 67,656 shares of the company's stock worth $576,000 after acquiring an additional 7,186 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of ARS Pharmaceuticals during the 2nd quarter valued at about $87,000. Finally, Rhumbline Advisers boosted its stake in shares of ARS Pharmaceuticals by 78.0% in the 2nd quarter. Rhumbline Advisers now owns 65,942 shares of the company's stock valued at $561,000 after purchasing an additional 28,888 shares in the last quarter. Institutional investors own 68.16% of the company's stock.

ARS Pharmaceuticals Stock Down 2.4 %

Shares of SPRY traded down $0.28 during trading hours on Wednesday, reaching $11.48. 357,291 shares of the company traded hands, compared to its average volume of 823,440. The business has a fifty day moving average price of $14.54 and a 200-day moving average price of $12.43. The stock has a market capitalization of $1.12 billion, a P/E ratio of -23.06 and a beta of 0.88. ARS Pharmaceuticals, Inc. has a 12-month low of $5.02 and a 12-month high of $18.51.

Insider Buying and Selling at ARS Pharmaceuticals

In related news, insider Justin Chakma sold 27,272 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.06, for a total value of $328,900.32. Following the transaction, the insider now owns 136,380 shares of the company's stock, valued at $1,644,742.80. This represents a 16.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Brian Dorsey sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.30, for a total transaction of $307,500.00. Following the transaction, the chief operating officer now owns 6,024 shares in the company, valued at approximately $74,095.20. This trade represents a 80.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,158,058 shares of company stock valued at $18,202,686 over the last quarter. 40.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

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.