ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Down 3.6% – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares dropped 3.6% during mid-day trading on Thursday . The company traded as low as $10.85 and last traded at $11.00. Approximately 58,541 shares changed hands during trading, a decline of 93% from the average daily volume of 837,398 shares. The stock had previously closed at $11.41.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SPRY shares. Leerink Partners boosted their target price on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Finally, William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Four research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $24.00.

ARS Pharmaceuticals Stock Down 3.2 %

The company has a market cap of $1.05 billion, a PE ratio of -21.16 and a beta of 0.88. The stock’s 50 day moving average is $13.91 and its 200-day moving average is $12.51.

Insider Activity at ARS Pharmaceuticals

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $13.83, for a total transaction of $1,383,000.00. Following the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Brian Dorsey sold 25,000 shares of ARS Pharmaceuticals stock in a transaction 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 directly owns 6,024 shares of the company’s stock, valued at $74,095.20. The trade was a 80.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,258,058 shares of company stock valued at $19,369,686. Insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new stake in ARS Pharmaceuticals in the third quarter worth about $30,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 worth $63,000 after buying an additional 4,472 shares during the period. Principal Financial Group Inc. bought a new stake in shares of ARS Pharmaceuticals during the 2nd quarter worth approximately $87,000. Quarry LP purchased a new position in ARS Pharmaceuticals during the 3rd quarter valued at $174,000. Finally, TFG Advisers LLC bought a new position in ARS Pharmaceuticals in the 3rd quarter valued at $180,000. 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.