Balyasny Asset Management L.P. Purchases 322,423 Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

Balyasny Asset Management L.P. increased its position in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 1,431.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 344,941 shares of the company's stock after purchasing an additional 322,423 shares during the period. Balyasny Asset Management L.P. owned approximately 0.35% of ARS Pharmaceuticals worth $3,639,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SPRY. KLP Kapitalforvaltning AS purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $73,000. BNP Paribas Financial Markets purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $75,000. Compass Capital Corp MA ADV purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $106,000. Teacher Retirement System of Texas purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $122,000. Finally, Freestone Grove Partners LP purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter worth about $132,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

ARS Pharmaceuticals Stock Down 9.4%

SPRY traded down $1.25 on Wednesday, reaching $12.10. 3,480,797 shares of the company traded hands, compared to its average volume of 1,216,042. ARS Pharmaceuticals, Inc. has a one year low of $7.55 and a one year high of $18.51. The company has a market cap of $1.19 billion, a P/E ratio of -23.73 and a beta of 0.84. The firm has a fifty day simple moving average of $13.27 and a two-hundred day simple moving average of $12.92.

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

Analysts Set New Price Targets

A number of research firms recently commented on SPRY. Scotiabank began coverage on shares of ARS Pharmaceuticals in a research note on Friday, March 7th. They set a "sector outperform" rating and a $30.00 price target for the company. Oppenheimer initiated coverage on shares of ARS Pharmaceuticals in a report on Monday, February 10th. They set an "outperform" rating and a $40.00 price objective for the company. Raymond James lifted their price objective on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a "strong-buy" rating in a report on Tuesday, January 14th. Finally, William Blair reiterated an "outperform" rating on shares of ARS Pharmaceuticals in a report on Monday, March 3rd. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ARS Pharmaceuticals has a consensus rating of "Buy" and a consensus price target of $31.00.

Insider Activity

In other news, Director Laura Shawver sold 49,600 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $11.21, for a total value of $556,016.00. Following the completion of the sale, the director now owns 210,346 shares in the company, valued at approximately $2,357,978.66. The trade was a 19.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Karas sold 10,000 shares of the business's 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 sale, the insider now owns 7,696 shares of the company's stock, valued at approximately $107,744. This represents a 56.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,602 shares of company stock worth $1,311,041. 40.10% of the stock is currently owned by corporate insiders.

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.