ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up Following Insider Buying Activity

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $9.96, but opened at $10.48. ARS Pharmaceuticals shares last traded at $11.12, with a volume of 241,054 shares trading hands.

Specifically, Director Ra Capital Management, L.P. bought 505,954 shares of the stock in a transaction on Wednesday, March 27th. The stock was purchased at an average cost of $9.79 per share, with a total value of $4,953,289.66. Following the purchase, the director now owns 9,958,073 shares of the company’s stock, valued at $97,489,534.67. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Richard E. Lowenthal sold 2,800 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $9.00, for a total transaction of $25,200.00. Following the completion of the sale, the chief executive officer now owns 1,744,994 shares in the company, valued at approximately $15,704,946. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ra Capital Management, L.P. bought 505,954 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The shares were acquired at an average cost of $9.79 per share, with a total value of $4,953,289.66. Following the transaction, the director now owns 9,958,073 shares in the company, valued at approximately $97,489,534.67. The disclosure for this purchase can be found here. In the last three months, insiders sold 303,260 shares of company stock valued at $2,756,480. Company insiders own 35.60% of the company’s stock.

Analyst Ratings Changes

SPRY has been the subject of several recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of ARS Pharmaceuticals in a research report on Monday, March 11th. SVB Leerink upgraded ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $6.00 to $18.00 in a research note on Tuesday, March 5th. William Blair upgraded ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 20th. Finally, Leerink Partnrs upgraded shares of ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 5th.

ARS Pharmaceuticals Trading Up 11.3 %

The company has a market cap of $1.07 billion, a price-to-earnings ratio of -17.47 and a beta of 0.78. The stock has a 50-day simple moving average of $7.75 and a 200-day simple moving average of $5.80.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in SPRY. Nisa Investment Advisors LLC raised 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 purchasing an additional 5,575 shares in the last quarter. AJOVista LLC purchased a new position in ARS Pharmaceuticals during the fourth quarter valued at approximately $43,000. China Universal Asset Management Co. Ltd. grew its position in ARS Pharmaceuticals by 352.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 11,105 shares of the company’s stock valued at $61,000 after purchasing an additional 8,652 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in ARS Pharmaceuticals during the second quarter valued at approximately $64,000. Finally, Wells Fargo & Company MN purchased a new position in ARS Pharmaceuticals during the second quarter valued at approximately $64,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

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.