ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 5% - Here's Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) was down 5% during mid-day trading on Wednesday . The stock traded as low as $15.95 and last traded at $15.95. Approximately 158,680 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 762,331 shares. The stock had previously closed at $16.79.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. William Blair raised shares of ARS Pharmaceuticals to a "strong-buy" rating in a research note on Friday, August 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Leerink Partners upped their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an "outperform" rating in a research report on Friday, September 20th. Finally, Raymond James upgraded ARS Pharmaceuticals from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the stock from $18.00 to $22.00 in a research report on Tuesday, August 13th. Four equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, ARS Pharmaceuticals presently has an average rating of "Buy" and an average target price of $24.00.

ARS Pharmaceuticals Trading Down 4.4 %

The business has a 50 day simple moving average of $13.80 and a two-hundred day simple moving average of $10.92. The company has a market cap of $1.56 billion, a PE ratio of -30.92 and a beta of 0.91.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The company had revenue of $0.50 million during the quarter, compared to analysts' expectations of $2.00 million. On average, equities research analysts expect that ARS Pharmaceuticals, Inc. will post -0.66 earnings per share for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In related news, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.88, for a total value of $1,488,000.00. Following the transaction, the insider now directly owns 1,298,499 shares of the company's stock, valued at approximately $19,321,665.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Kathleen D. Scott sold 12,500 shares of the firm's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $16.00, for a total value of $200,000.00. Following the transaction, the chief financial officer now owns 4,949 shares of the company's stock, valued at approximately $79,184. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sarina Tanimoto sold 100,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.88, for a total transaction of $1,488,000.00. Following the sale, the insider now directly owns 1,298,499 shares of the company's stock, valued at approximately $19,321,665.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,055,895 shares of company stock worth $14,619,032. 40.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. grew its stake in shares of ARS Pharmaceuticals by 10.8% in the second quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company's stock valued at $131,000 after buying an additional 1,500 shares in the last quarter. nVerses Capital LLC purchased a new position in ARS Pharmaceuticals in the 3rd quarter worth approximately $30,000. Creative Planning grew its position in ARS Pharmaceuticals by 7.0% in the third quarter. Creative Planning now owns 35,263 shares of the company's stock valued at $511,000 after acquiring an additional 2,307 shares in the last quarter. Levin Capital Strategies L.P. raised its stake in shares of ARS Pharmaceuticals by 5.7% during the first quarter. Levin Capital Strategies L.P. now owns 55,250 shares of the company's stock valued at $565,000 after purchasing an additional 3,000 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ARS Pharmaceuticals by 151.7% during 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. 68.16% of the stock is owned by hedge funds and other 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.