Allspring Global Investments Holdings LLC Sells 74,445 Shares of ARS Pharmaceuticals, Inc. $SPRY

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in ARS Pharmaceuticals by 20.2%, selling 74,445 shares and now holds approximately 0.30% of the company valued at $5.13 million.
• Analysts have set a new price target for ARS Pharmaceuticals, with Roth Capital initiating coverage at a $40.00 buy rating, while the stock currently has a consensus rating of Moderate Buy and an average price target of $33.80.
• Insider trading activity includes sales by CEO Richard E. Lowenthal and insider Sarina Tanimoto, with a total of 112,500 shares sold over the last three months amounting to around $1.62 million.

Allspring Global Investments Holdings LLC lowered its holdings in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 20.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 294,111 shares of the company's stock after selling 74,445 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.30% of ARS Pharmaceuticals worth $5,132,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SPRY. Alliancebernstein L.P. grew its stake in ARS Pharmaceuticals by 1.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company's stock valued at $49,349,000 after buying an additional 42,071 shares in the last quarter. Octagon Capital Advisors LP purchased a new stake in shares of ARS Pharmaceuticals during the first quarter worth $7,862,000. Oppenheimer & Co. Inc. bought a new position in shares of ARS Pharmaceuticals in the first quarter worth $189,000. Trexquant Investment LP grew its position in shares of ARS Pharmaceuticals by 78.2% in the first quarter. Trexquant Investment LP now owns 100,769 shares of the company's stock valued at $1,268,000 after purchasing an additional 44,206 shares in the last quarter. Finally, Harbour Capital Advisors LLC grew its position in shares of ARS Pharmaceuticals by 102.3% in the second quarter. Harbour Capital Advisors LLC now owns 57,950 shares of the company's stock valued at $971,000 after purchasing an additional 29,300 shares in the last quarter. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Raymond James Financial set a $32.00 price objective on ARS Pharmaceuticals in a report on Friday, September 26th. Roth Capital initiated coverage on ARS Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $40.00 price target on the stock. Wall Street Zen lowered shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ARS Pharmaceuticals in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $33.80.

ARS Pharmaceuticals Price Performance

ARS Pharmaceuticals stock opened at $10.01 on Tuesday. The stock has a market cap of $989.25 million, a price-to-earnings ratio of -20.43 and a beta of 0.84. The company has a quick ratio of 5.98, a current ratio of 6.17 and a debt-to-equity ratio of 0.37. The business has a 50-day simple moving average of $11.38 and a 200 day simple moving average of $14.05. ARS Pharmaceuticals, Inc. has a 52 week low of $9.34 and a 52 week high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.05). The business had revenue of $15.72 million during the quarter, compared to analysts' expectations of $12.92 million. ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. On average, research analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 37,656 shares of ARS Pharmaceuticals stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.09, for a total transaction of $530,573.04. Following the completion of the sale, the insider directly owned 1,247,447 shares in the company, valued at $17,576,528.23. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard E. Lowenthal sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $14.49, for a total transaction of $724,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,196,494 shares of the company's stock, valued at approximately $17,337,198.06. This represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,500 shares of company stock valued at $1,615,759 over the last three months. 33.50% of the stock is owned by corporate insiders.

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.

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