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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price 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.

Specifically, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction on 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 represents a 9.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SPRY. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Raymond James raised ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $18.00 to $22.00 in a research note on Tuesday, August 13th. Leerink Partners lifted their target price 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 upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $24.00.

ARS Pharmaceuticals Stock Up 0.2 %

The firm’s fifty day moving average is $14.58 and its 200-day moving average is $11.67. The stock has a market capitalization of $1.37 billion, a PE ratio of -30.02 and a beta of 0.90.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of large investors have recently modified their holdings of SPRY. Vanguard Group Inc. boosted its stake in shares of ARS Pharmaceuticals by 37.0% in the first quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock valued at $29,500,000 after buying an additional 779,969 shares in the last quarter. SG Americas Securities LLC lifted its holdings in ARS Pharmaceuticals by 861.5% in the second quarter. SG Americas Securities LLC now owns 111,592 shares of the company’s stock valued at $950,000 after acquiring an additional 99,986 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in ARS Pharmaceuticals in the third quarter valued at $2,584,000. Bank of New York Mellon Corp boosted its position in shares of ARS Pharmaceuticals by 99.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company’s stock worth $1,185,000 after purchasing an additional 69,394 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in shares of ARS Pharmaceuticals during the 3rd quarter worth $2,969,000. 68.16% of the stock is owned by hedge funds and other 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.