ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 5.5% – What’s Next?

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Leerink Partners lifted their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 20th. William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $24.00.

ARS Pharmaceuticals Stock Performance

The company has a 50 day moving average price of $14.67 and a 200 day moving average price of $12.32.

Insiders Place Their Bets

In other news, major shareholder James E. Flynn sold 528,456 shares of the firm’s 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 transaction, the insider now directly owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $13.16, for a total value of $1,316,000.00. Following the transaction, the insider now owns 1,148,499 shares of the company’s stock, valued at $15,114,246.84. This represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,215,786 shares of company stock worth $18,999,286. 40.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds have recently bought and sold shares of SPRY. First Turn Management LLC acquired a new stake in shares of ARS Pharmaceuticals during the third quarter valued at $8,603,000. Jacobs Levy Equity Management Inc. lifted its holdings 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 in the last quarter. Miura Global Management LLC acquired a new stake in shares of ARS Pharmaceuticals during the 3rd quarter worth about $3,915,000. Wexford Capital LP purchased a new stake in shares of ARS Pharmaceuticals during the third quarter worth about $3,601,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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. Hedge funds and other institutional investors 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.