ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 5% – Time to Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) traded down 5% during trading on Wednesday . The company traded as low as $15.95 and last traded at $15.95. 158,680 shares were traded during mid-day trading, a decline of 79% from the average session volume of 762,331 shares. The stock had previously closed at $16.79.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Raymond James upgraded shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $18.00 to $22.00 in a research report on Tuesday, August 13th. Leerink Partners raised their target price on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Finally, William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Four investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Price Performance

The company has a market capitalization of $1.49 billion, a PE ratio of -32.77 and a beta of 0.91. The business’s 50 day simple moving average is $13.90 and its 200 day simple moving average is $10.99.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The firm had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $2.00 million. As a group, analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.66 EPS for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.88, for a total transaction of $1,488,000.00. Following the completion of the transaction, the insider now directly owns 1,298,499 shares in the company, valued at approximately $19,321,665.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 100,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.88, for a total value of $1,488,000.00. Following the transaction, the insider now owns 1,298,499 shares of the company’s stock, valued at $19,321,665.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kathleen D. Scott sold 12,500 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $200,000.00. Following the transaction, the chief financial officer now directly owns 13,199 shares of the company’s stock, valued at approximately $211,184. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,055,895 shares of company stock worth $14,619,032 over the last quarter. 40.10% of the stock is currently owned by company insiders.

Institutional Trading of ARS Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of ARS Pharmaceuticals by 37.0% during the first quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock worth $29,500,000 after buying an additional 779,969 shares during the period. ClariVest Asset Management LLC purchased a new position in ARS Pharmaceuticals during the 1st quarter valued at about $2,790,000. SG Americas Securities LLC increased its stake in ARS Pharmaceuticals by 861.5% during the second quarter. SG Americas Securities LLC now owns 111,592 shares of the company’s stock worth $950,000 after purchasing an additional 99,986 shares during the period. GSA Capital Partners LLP lifted its position in shares of ARS Pharmaceuticals by 11.7% during the first quarter. GSA Capital Partners LLP now owns 128,889 shares of the company’s stock worth $1,317,000 after purchasing an additional 13,545 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of ARS Pharmaceuticals by 99.3% in the second quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company’s stock valued at $1,185,000 after purchasing an additional 69,394 shares during the period. Institutional investors and hedge funds 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.