ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down Following Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $16.61, but opened at $16.11. ARS Pharmaceuticals shares last traded at $15.77, with a volume of 594,391 shares changing hands.

Specifically, major shareholder James E. Flynn sold 528,456 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $18.04, for a total value of $9,533,346.24. Following the sale, the insider now owns 5,274,735 shares in the company, valued at $95,156,219.40. This represents a 9.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

SPRY has been the topic of a number of research analyst reports. William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Raymond James upgraded shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $18.00 to $22.00 in a report on Tuesday, August 13th. Finally, Leerink Partners upped their price target 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 investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $24.00.

ARS Pharmaceuticals Stock Up 0.2 %

The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -30.02 and a beta of 0.90. The business has a 50 day moving average of $14.58 and a 200 day moving average of $11.67.

Institutional Investors Weigh In On ARS Pharmaceuticals

Hedge funds have recently modified their holdings of the company. nVerses Capital LLC purchased a new position in shares of ARS Pharmaceuticals during the third quarter valued at approximately $30,000. Russell Investments Group Ltd. purchased a new position in shares of ARS Pharmaceuticals during the 1st quarter worth $60,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 worth $63,000 after purchasing an additional 4,472 shares during the period. Paloma Partners Management Co acquired a new stake in shares of ARS Pharmaceuticals during the first quarter worth $103,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of ARS Pharmaceuticals in the second quarter valued at $87,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.