Short Interest in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Rises By 27.0%

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 8,740,000 shares, a growth of 27.0% from the June 30th total of 6,880,000 shares. Based on an average daily trading volume, of 570,200 shares, the days-to-cover ratio is presently 15.3 days. Currently, 18.4% of the company’s shares are sold short.

Insiders Place Their Bets

In other news, insider Sarina Tanimoto sold 5,757 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $9.01, for a total transaction of $51,870.57. Following the completion of the sale, the insider now directly owns 1,644,574 shares of the company’s stock, valued at $14,817,611.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Sarina Tanimoto sold 5,757 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $9.01, for a total transaction of $51,870.57. Following the completion of the sale, the insider now directly owns 1,644,574 shares of the company’s stock, valued at $14,817,611.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard E. Lowenthal sold 4,138 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $9.00, for a total transaction of $37,242.00. Following the sale, the chief executive officer now directly owns 1,594,328 shares of the company’s stock, valued at $14,348,952. The disclosure for this sale can be found here. Insiders sold 500,000 shares of company stock valued at $4,856,040 over the last three months. 40.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Large investors have recently modified their holdings of the stock. Denali Advisors LLC bought a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth approximately $480,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of ARS Pharmaceuticals by 352.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,105 shares of the company’s stock worth $61,000 after acquiring an additional 8,652 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of ARS Pharmaceuticals by 22,300.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the company’s stock worth $31,000 after acquiring an additional 5,575 shares during the last quarter. AJOVista LLC purchased a new position in shares of ARS Pharmaceuticals during the fourth quarter valued at $43,000. Finally, Franklin Resources Inc. grew its holdings in shares of ARS Pharmaceuticals by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 4,098,497 shares of the company’s stock valued at $22,460,000 after buying an additional 229,988 shares in the last quarter. Institutional investors and hedge funds own 68.16% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James initiated coverage on ARS Pharmaceuticals in a research report on Thursday. They issued an “outperform” rating and a $18.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, ARS Pharmaceuticals has a consensus rating of “Buy” and an average target price of $18.33.

ARS Pharmaceuticals Stock Down 0.2 %

SPRY traded down $0.02 during trading on Monday, hitting $10.96. 332,133 shares of the stock were exchanged, compared to its average volume of 597,904. The stock has a fifty day moving average price of $9.35 and a two-hundred day moving average price of $8.63. ARS Pharmaceuticals has a 1-year low of $2.55 and a 1-year high of $11.90. The firm has a market capitalization of $1.06 billion, a P/E ratio of -21.08 and a beta of 0.87.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). Analysts predict that ARS Pharmaceuticals will post -0.6 EPS for the current year.

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.