ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 5.5% Following Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price dropped 5.5% during trading on Friday following insider selling activity. The company traded as low as $11.93 and last traded at $11.95. Approximately 426,216 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 822,562 shares. The stock had previously closed at $12.64.

Specifically, COO Brian Dorsey sold 25,000 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.30, for a total value of $307,500.00. Following the completion of the sale, the chief operating officer now directly owns 6,024 shares of the company’s stock, valued at approximately $74,095.20. This represents a 80.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Justin Chakma sold 27,272 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.06, for a total transaction of $328,900.32. Following the transaction, the insider now directly owns 136,380 shares in the company, valued at $1,644,742.80. This trade represents a 16.66 % decrease in their position. The disclosure for this sale can be found here. In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $13.16, for a total value of $1,316,000.00. Following the completion of the sale, the insider now directly owns 1,148,499 shares of the company’s stock, valued at $15,114,246.84. This represents a 8.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPRY. Leerink Partners boosted their price objective on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $24.00.

ARS Pharmaceuticals Trading Down 5.9 %

The stock has a market cap of $1.16 billion, a P/E ratio of -23.33 and a beta of 0.88. The company’s fifty day simple moving average is $14.62 and its 200-day simple moving average is $12.37.

Institutional Trading of ARS Pharmaceuticals

Institutional investors have recently made changes to their positions in the business. nVerses Capital LLC bought a new position in ARS Pharmaceuticals during the third quarter worth about $30,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of ARS Pharmaceuticals by 151.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock valued at $63,000 after purchasing an additional 4,472 shares during the period. Principal Financial Group Inc. acquired a new position in shares of ARS Pharmaceuticals in the 2nd quarter worth approximately $87,000. Quarry LP bought a new position in shares of ARS Pharmaceuticals during the 3rd quarter worth approximately $174,000. Finally, TFG Advisers LLC acquired a new stake in ARS Pharmaceuticals in the 3rd quarter valued at $180,000. 68.16% of the stock is currently 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.