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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares fell 5.3% during mid-day trading on Friday . The stock traded as low as $14.64 and last traded at $14.67. 263,631 shares changed hands during mid-day 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 recent analyst reports. Oppenheimer assumed coverage on shares of ARS Pharmaceuticals in a research note on Monday, February 10th. They issued an "outperform" rating and a $40.00 target price for the company. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. William Blair reiterated an "outperform" rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Scotiabank assumed coverage on ARS Pharmaceuticals in a report on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 price target for the company. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

ARS Pharmaceuticals Stock Performance

The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -28.49 and a beta of 0.84. The stock's 50-day moving average price is $13.85 and its 200-day moving average price is $12.80.

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

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now owns 7,696 shares in the company, valued at approximately $107,744. The trade was a 56.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brent L. Saunders sold 120,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $14.25, for a total transaction of $1,710,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 382,571 shares of company stock valued at $5,177,904. Insiders own 33.50% of the company's stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several hedge funds have recently modified their holdings of SPRY. China Universal Asset Management Co. Ltd. lifted its stake in shares of ARS Pharmaceuticals by 10.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company's stock valued at $217,000 after buying an additional 1,962 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in ARS Pharmaceuticals by 93.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 344,171 shares of the company's stock valued at $3,631,000 after acquiring an additional 165,950 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of ARS Pharmaceuticals by 2.9% during the 4th quarter. Rhumbline Advisers now owns 65,163 shares of the company's stock worth $687,000 after purchasing an additional 1,824 shares during the period. Peregrine Capital Management LLC acquired a new stake in shares of ARS Pharmaceuticals during the fourth quarter worth $4,469,000. Finally, Compass Capital Corp MA ADV purchased a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at $106,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.