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

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

Analyst Upgrades and Downgrades

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

ARS Pharmaceuticals Price Performance

The firm has a 50 day simple moving average of $13.39 and a two-hundred day simple moving average of $12.64. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -21.80 and a beta of 0.96.

Insiders Place Their Bets

In related news, COO Brian Dorsey sold 25,000 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.30, for a total transaction of $307,500.00. Following the completion of the transaction, the chief operating officer now directly owns 6,024 shares in the company, valued at approximately $74,095.20. This trade represents a 80.58 % 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, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction dated Monday, November 11th. The stock was 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 disclosure for this sale can be found here. Insiders sold 1,258,058 shares of company stock worth $19,369,686 over the last ninety days. 40.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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