ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Down 6.3% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price fell 6.3% during mid-day trading on Monday . The stock traded as low as $13.60 and last traded at $13.60. 96,847 shares traded hands during trading, a decline of 88% from the average session volume of 811,459 shares. The stock had previously closed at $14.51.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Raymond James upgraded shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $18.00 to $22.00 in a research report on Tuesday, August 13th. Leerink Partners lifted their price target on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. William Blair upgraded shares of ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Four research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $24.00.

ARS Pharmaceuticals Price Performance

The stock’s 50 day simple moving average is $14.82 and its two-hundred day simple moving average is $12.09. The stock has a market cap of $1.33 billion, a P/E ratio of -26.67 and a beta of 0.90.

Insider Activity at ARS Pharmaceuticals

In other news, CEO Richard E. Lowenthal sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $12.93, for a total transaction of $1,293,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,398,499 shares of the company’s stock, valued at $18,082,592.07. This trade represents a 6.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James E. Flynn sold 528,456 shares of ARS Pharmaceuticals stock in a transaction that occurred 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 trade represents a 9.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 908,770 shares of company stock valued at $14,856,492. 40.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in ARS Pharmaceuticals by 37.0% during the 1st quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock worth $29,500,000 after buying an additional 779,969 shares in the last quarter. State Street Corp raised its holdings in ARS Pharmaceuticals by 10.4% during the third quarter. State Street Corp now owns 2,049,542 shares of the company’s stock worth $29,718,000 after acquiring an additional 193,321 shares in the last quarter. Geode Capital Management LLC grew its stake in ARS Pharmaceuticals by 3.3% in the third quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company’s stock valued at $17,909,000 after purchasing an additional 38,927 shares in the last quarter. Royce & Associates LP grew its stake in shares of ARS Pharmaceuticals by 7.1% in the third quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock valued at $10,026,000 after buying an additional 45,755 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in 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 during the last quarter. Institutional investors and hedge funds own 68.16% of the company’s stock.

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.