ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Down 3.4% Following Insider Selling

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) were down 3.4% on Thursday after an insider sold shares in the company. The company traded as low as $8.74 and last traded at $8.75. Approximately 235,142 shares were traded during trading, a decline of 62% from the average daily volume of 612,290 shares. The stock had previously closed at $9.06.

Specifically, CEO Richard E. Lowenthal sold 2,800 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $9.00, for a total transaction of $25,200.00. Following the sale, the chief executive officer now owns 1,744,994 shares of the company’s stock, valued at approximately $15,704,946. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Richard E. Lowenthal sold 2,800 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $9.00, for a total transaction of $25,200.00. Following the sale, the chief executive officer now owns 1,744,994 shares of the company’s stock, valued at approximately $15,704,946. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard E. Lowenthal sold 3,782 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $9.02, for a total value of $34,113.64. Following the sale, the chief executive officer now directly owns 1,746,494 shares in the company, valued at approximately $15,753,375.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 503,260 shares of company stock valued at $4,612,480. 35.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

ARS Pharmaceuticals Price Performance

The stock’s 50-day moving average price is $8.69 and its 200-day moving average price is $6.23.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings data on Thursday, March 21st. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.07. On average, sell-side analysts forecast that ARS Pharmaceuticals, Inc. will post -0.69 EPS for the current year.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. RA Capital Management L.P. raised its stake in ARS Pharmaceuticals by 214.3% during the third quarter. RA Capital Management L.P. now owns 9,459,678 shares of the company’s stock worth $35,758,000 after acquiring an additional 6,450,000 shares in the last quarter. Charles Schwab Trust Co acquired a new position in ARS Pharmaceuticals during the third quarter worth about $16,050,000. BlackRock Inc. acquired a new position in ARS Pharmaceuticals during the second quarter worth about $15,148,000. Nantahala Capital Management LLC raised its stake in ARS Pharmaceuticals by 45.3% during the fourth quarter. Nantahala Capital Management LLC now owns 1,596,504 shares of the company’s stock worth $8,749,000 after acquiring an additional 497,429 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new position in ARS Pharmaceuticals during the first quarter worth about $2,627,000. Institutional investors own 68.16% of the company’s stock.

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.