Schulhoff & Co. Inc. Purchases Shares of 40,500 ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

Key Points

• Schulhoff & Co. Inc. acquired 40,500 shares of ARS Pharmaceuticals, valued at approximately $509,000, indicating institutional interest in the company.
• Insider Eric Karas sold 15,000 shares at an average price of $16.99, resulting in a significant 59.25% decrease in ownership, while major shareholder James E. Flynn sold 740,149 shares valued at over $13.6 million.
• Recent analyst ratings for ARS Pharmaceuticals saw a downgrade from a "hold" to a "sell," with six analysts recommending buying and an average price target of $31.00.

Schulhoff & Co. Inc. purchased a new stake in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 40,500 shares of the company's stock, valued at approximately $509,000.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in ARS Pharmaceuticals by 7.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 368,556 shares of the company's stock valued at $4,636,000 after buying an additional 24,385 shares during the period. Wells Fargo & Company MN raised its stake in shares of ARS Pharmaceuticals by 47.1% during the fourth quarter. Wells Fargo & Company MN now owns 41,701 shares of the company's stock valued at $440,000 after acquiring an additional 13,361 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of ARS Pharmaceuticals during the first quarter valued at about $189,000. Vanguard Group Inc. raised its stake in shares of ARS Pharmaceuticals by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 3,464,952 shares of the company's stock valued at $36,555,000 after acquiring an additional 115,656 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of ARS Pharmaceuticals by 4.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 60,294 shares of the company's stock valued at $636,000 after acquiring an additional 2,670 shares during the last quarter. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Eric Karas sold 15,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $16.99, for a total value of $254,850.00. Following the completion of the transaction, the insider directly owned 10,315 shares of the company's stock, valued at $175,251.85. This represents a 59.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder James E. Flynn sold 740,149 shares of the stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $18.46, for a total transaction of $13,663,150.54. Following the completion of the transaction, the insider directly owned 4,887,254 shares of the company's stock, valued at approximately $90,218,708.84. The trade was a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,043,118 shares of company stock valued at $18,024,863 over the last quarter. 33.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $31.00.

ARS Pharmaceuticals Stock Performance

Shares of NASDAQ:SPRY opened at $17.87 on Friday. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -111.68 and a beta of 0.90. The company has a 50-day moving average price of $16.10 and a 200-day moving average price of $13.89. The company has a current ratio of 11.00, a quick ratio of 10.74 and a debt-to-equity ratio of 0.30. ARS Pharmaceuticals, Inc. has a 12 month low of $8.91 and a 12 month high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.35). ARS Pharmaceuticals had a negative net margin of 16.11% and a negative return on equity of 6.94%. The company had revenue of $7.97 million during the quarter, compared to the consensus estimate of $7.48 million. As a group, equities analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

ARS Pharmaceuticals 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.