ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 5.3% – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price traded down 5.3% during trading on Friday . The company traded as low as $13.51 and last traded at $13.53. 488,722 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 1,332,484 shares. The stock had previously closed at $14.29.

Analyst Ratings Changes

Several equities research analysts have weighed in on SPRY shares. Raymond James boosted their price objective on ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 14th. Leerink Partners increased their price target on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, ARS Pharmaceuticals presently has an average rating of “Buy” and an average price target of $26.00.

ARS Pharmaceuticals Stock Performance

The stock has a fifty day moving average of $12.52 and a 200-day moving average of $13.07. The company has a market cap of $1.26 billion, a PE ratio of -25.51 and a beta of 0.96.

Insider Activity

In related news, major shareholder James E. Flynn sold 528,456 shares of ARS Pharmaceuticals stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the completion of the sale, the insider now owns 5,274,735 shares in the company, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sarina Tanimoto sold 100,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $13.16, for a total transaction of $1,316,000.00. Following the completion of the transaction, the insider now owns 1,148,499 shares in the company, valued at $15,114,246.84. This represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,095,558 shares of company stock valued at $16,853,686. 40.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. First Turn Management LLC bought a new stake in shares of ARS Pharmaceuticals in the third quarter valued at about $8,603,000. Peregrine Capital Management LLC purchased a new position in ARS Pharmaceuticals during the 4th quarter valued at about $4,469,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of ARS Pharmaceuticals by 78.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock valued at $9,469,000 after purchasing an additional 288,021 shares in the last quarter. Miura Global Management LLC purchased a new stake in shares of ARS Pharmaceuticals in the 3rd quarter worth approximately $3,915,000. Finally, Wexford Capital LP bought a new position in shares of ARS Pharmaceuticals during the third quarter valued at approximately $3,601,000. 68.16% of the stock is 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.