ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Down 2.8% – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price fell 2.8% during trading on Monday . The stock traded as low as $10.82 and last traded at $10.88. 51,152 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,019,405 shares. The stock had previously closed at $11.19.

Wall Street Analyst Weigh In

SPRY has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Leerink Partners lifted their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Four research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, ARS Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Stock Performance

The company has a market cap of $1.11 billion, a P/E ratio of -22.41 and a beta of 0.96. The firm’s fifty day moving average is $13.23 and its two-hundred day moving average is $12.68.

Insider Transactions at ARS Pharmaceuticals

In other news, major shareholder James E. Flynn sold 528,456 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the transaction, the insider now owns 5,274,735 shares of the company’s stock, valued at approximately $95,156,219.40. The trade was a 9.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sarina Tanimoto sold 100,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $14.88, for a total transaction of $1,488,000.00. Following the transaction, the insider now directly owns 1,298,499 shares of the company’s stock, valued at $19,321,665.12. The trade was a 7.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,208,058 shares of company stock valued at $18,541,686 over the last 90 days. Company insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. First Turn Management LLC purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter worth approximately $8,603,000. Jacobs Levy Equity Management Inc. increased its position in ARS Pharmaceuticals by 78.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock worth $9,469,000 after purchasing an additional 288,021 shares during the last quarter. Miura Global Management LLC purchased a new stake in ARS Pharmaceuticals during the third quarter valued at $3,915,000. Wexford Capital LP bought a new position in ARS Pharmaceuticals during the third quarter valued at $3,601,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of ARS Pharmaceuticals by 766.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock worth $3,401,000 after buying an additional 207,456 shares in the last quarter. 68.16% of the stock is currently owned by hedge funds and other 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.