ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 4% Following Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price dropped 4% during trading on Friday after an insider sold shares in the company. The stock traded as low as $10.83 and last traded at $10.87. Approximately 601,668 shares were traded during trading, a decline of 28% from the average daily volume of 831,488 shares. The stock had previously closed at $11.32.

Specifically, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $11.67, for a total transaction of $1,167,000.00. Following the completion of the sale, the insider now directly owns 1,098,499 shares in the company, valued at $12,819,483.33. This 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 the SEC website.

Analyst Upgrades and Downgrades

SPRY has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. 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. Finally, William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. 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 a consensus rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Performance

The stock has a market cap of $1.09 billion, a PE ratio of -21.92 and a beta of 0.88. The business has a 50 day moving average price of $14.37 and a two-hundred day moving average price of $12.43.

Institutional Trading of ARS Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. nVerses Capital LLC bought a new stake in shares of ARS Pharmaceuticals during the 3rd quarter worth $30,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in 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 buying an additional 4,472 shares during the period. Principal Financial Group Inc. bought a new stake in ARS Pharmaceuticals in the second quarter worth about $87,000. Quarry LP bought a new stake in ARS Pharmaceuticals in the third quarter worth about $174,000. Finally, TFG Advisers LLC purchased a new position in ARS Pharmaceuticals in the third quarter valued at about $180,000. 68.16% of the stock is currently owned by institutional investors.

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.