ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Shares Bought by XTX Topco Ltd

Key Points

• XTX Topco Ltd increased its stake in ARS Pharmaceuticals by 54.1%, now owning 49,647 shares valued at $625,000 as of its latest SEC filing.
• Wall Street analysts have downgraded ARS Pharmaceuticals from a "hold" to a "sell" rating, with a consensus target price of $31.00.
• Significant insider sales occurred, with CFO Kathleen D. Scott and major shareholder James E. Flynn selling shares totaling nearly $14 million in recent months.

XTX Topco Ltd raised its holdings in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 54.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,647 shares of the company's stock after acquiring an additional 17,429 shares during the quarter. XTX Topco Ltd owned approximately 0.05% of ARS Pharmaceuticals worth $625,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPRY. Wellington Management Group LLP increased its holdings in ARS Pharmaceuticals by 0.6% during the 4th quarter. Wellington Management Group LLP now owns 163,252 shares of the company's stock worth $1,722,000 after purchasing an additional 917 shares during the period. Mariner LLC raised its holdings in shares of ARS Pharmaceuticals by 5.8% in the fourth quarter. Mariner LLC now owns 35,908 shares of the company's stock valued at $379,000 after acquiring an additional 1,972 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in ARS Pharmaceuticals by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 132,213 shares of the company's stock worth $1,663,000 after acquiring an additional 1,975 shares during the period. LPL Financial LLC grew its holdings in ARS Pharmaceuticals by 11.4% during the 4th quarter. LPL Financial LLC now owns 21,408 shares of the company's stock worth $226,000 after acquiring an additional 2,190 shares in the last quarter. Finally, Bernard Wealth Management Corp. bought a new position in ARS Pharmaceuticals during the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 68.16% of the company's stock.

ARS Pharmaceuticals Price Performance

NASDAQ SPRY traded down $0.33 on Thursday, hitting $17.65. The company had a trading volume of 741,271 shares, compared to its average volume of 1,501,452. The company has a debt-to-equity ratio of 0.30, a current ratio of 11.00 and a quick ratio of 10.74. The company's fifty day moving average price is $16.61 and its 200-day moving average price is $14.21. The company has a market capitalization of $1.73 billion, a PE ratio of -110.31 and a beta of 0.90. ARS Pharmaceuticals, Inc. has a 12-month low of $9.52 and a 12-month high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last announced 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). 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 for the quarter, compared to analysts' expectations of $7.48 million. As a group, analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen cut ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One 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 has an average rating of "Moderate Buy" and an average price target of $31.00.

Insider Buying and Selling

In related news, major shareholder James E. Flynn sold 740,149 shares of ARS Pharmaceuticals stock in a transaction on Friday, June 27th. The stock was sold at an average price of $18.46, for a total value of $13,663,150.54. Following the completion of the transaction, the insider directly owned 4,887,254 shares in the company, valued at approximately $90,218,708.84. This trade represents a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Karas sold 15,000 shares of ARS Pharmaceuticals 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 owned 10,315 shares of the company's stock, valued at $175,251.85. The trade was a 59.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,043,118 shares of company stock valued at $18,024,863. 33.50% of the stock is currently owned by company 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.