ARS Pharmaceuticals (NASDAQ:SPRY) Trading Down 5.3% - Here's What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares traded down 5.3% during mid-day trading on Friday . The company traded as low as $14.64 and last traded at $14.67. 263,631 shares changed hands during trading, a decline of 79% from the average session volume of 1,259,855 shares. The stock had previously closed at $15.49.

Analysts Set New Price Targets

SPRY has been the subject of several analyst reports. Wall Street Zen lowered shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. William Blair restated an "outperform" rating on shares of ARS Pharmaceuticals in a report on Monday, March 3rd. Scotiabank assumed coverage on shares of ARS Pharmaceuticals in a research report on Friday, March 7th. They set a "sector outperform" rating and a $30.00 price target on the stock. Finally, Oppenheimer initiated coverage on ARS Pharmaceuticals in a research report on Monday, February 10th. They issued an "outperform" rating and a $40.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $31.00.

ARS Pharmaceuticals Stock Performance

The company has a market capitalization of $1.42 billion, a P/E ratio of -28.35 and a beta of 0.84. The business has a fifty day moving average of $13.81 and a 200-day moving average of $12.79.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). The firm had revenue of $7.97 million during the quarter, compared to the consensus estimate of $7.48 million. Sell-side analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling

In other ARS Pharmaceuticals news, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.00, for a total value of $140,000.00. Following the transaction, the insider now directly owns 7,696 shares of the company's stock, valued at $107,744. The trade was a 56.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kathleen D. Scott sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $14.10, for a total transaction of $705,000.00. Following the completion of the transaction, the chief financial officer now owns 7,424 shares in the company, valued at $104,678.40. This represents a 87.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 382,571 shares of company stock valued at $5,177,904. Company insiders own 33.50% of the company's stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in shares of ARS Pharmaceuticals by 93.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 344,171 shares of the company's stock worth $3,631,000 after buying an additional 165,950 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of ARS Pharmaceuticals by 47.1% during the 4th quarter. Wells Fargo & Company MN now owns 41,701 shares of the company's stock valued at $440,000 after buying an additional 13,361 shares in the last quarter. Peregrine Capital Management LLC purchased a new position in shares of ARS Pharmaceuticals during the fourth quarter valued at approximately $4,469,000. Vanguard Group Inc. boosted its holdings in shares of ARS Pharmaceuticals by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 3,464,952 shares of the company's stock valued at $36,555,000 after purchasing an additional 115,656 shares during the period. Finally, MetLife Investment Management LLC raised its stake in ARS Pharmaceuticals by 12.9% in the fourth quarter. MetLife Investment Management LLC now owns 33,086 shares of the company's stock worth $349,000 after buying an additional 3,769 shares in 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.