Insider Selling: ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Major Shareholder Sells 740,149 Shares of Stock

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) major shareholder James E. Flynn sold 740,149 shares of the 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 transaction, the insider owned 4,887,254 shares of the company's stock, valued at approximately $90,218,708.84. This represents a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

ARS Pharmaceuticals Stock Up 2.4%

Shares of SPRY stock traded up $0.39 during trading on Wednesday, reaching $16.48. The company's stock had a trading volume of 217,645 shares, compared to its average volume of 1,332,483. 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 has a market capitalization of $1.62 billion, a price-to-earnings ratio of -102.26 and a beta of 0.90. The stock's 50-day moving average price is $14.71 and its 200 day moving average price is $13.09. ARS Pharmaceuticals, Inc. has a 1-year low of $8.65 and a 1-year high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued 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 company had revenue of $7.97 million during the quarter, compared to analysts' expectations of $7.48 million. ARS Pharmaceuticals had a negative net margin of 16.11% and a negative return on equity of 6.94%. On average, research analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPRY. Alliancebernstein L.P. increased its holdings in ARS Pharmaceuticals by 1.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company's stock worth $49,349,000 after purchasing an additional 42,071 shares during the period. Vanguard Group Inc. grew its position in shares of ARS Pharmaceuticals by 0.7% during the first quarter. Vanguard Group Inc. now owns 3,488,293 shares of the company's stock worth $43,883,000 after buying an additional 23,341 shares in the last quarter. Cormorant Asset Management LP increased its stake in shares of ARS Pharmaceuticals by 220.0% during the first quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company's stock worth $20,128,000 after buying an additional 1,100,000 shares during the period. MPM Bioimpact LLC purchased a new stake in shares of ARS Pharmaceuticals during the first quarter worth approximately $16,519,000. Finally, Alyeska Investment Group L.P. raised its holdings in ARS Pharmaceuticals by 903.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,253,724 shares of the company's stock valued at $13,227,000 after acquiring an additional 1,128,724 shares in the last quarter. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on SPRY. Wall Street Zen upgraded shares of ARS Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday. Scotiabank started coverage on ARS Pharmaceuticals in a research note on Friday, March 7th. They set a "sector outperform" rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $31.00.

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.