ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 3.4% Following Insider Selling

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) fell 3.4% during trading on Thursday following insider selling activity. The stock traded as low as $8.74 and last traded at $8.75. 235,142 shares traded hands during trading, a decline of 62% from the average session volume of 612,290 shares. The stock had previously closed at $9.06.

Specifically, Director Ra Capital Management, L.P. bought 505,954 shares of the firm's stock in a transaction dated Wednesday, March 27th. The shares were acquired at an average price of $9.79 per share, for a total transaction of $4,953,289.66. Following the completion of the transaction, the director now directly owns 9,958,073 shares in the company, valued at approximately $97,489,534.67. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Richard E. Lowenthal sold 2,800 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.00, for a total value of $25,200.00. Following the completion of the sale, the chief executive officer now owns 1,744,994 shares of the company's stock, valued at $15,704,946. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ra Capital Management, L.P. bought 505,954 shares of the business's stock in a transaction on Wednesday, March 27th. The shares were acquired at an average cost of $9.79 per share, with a total value of $4,953,289.66. Following the purchase, the director now owns 9,958,073 shares of the company's stock, valued at $97,489,534.67. The disclosure for this purchase can be found here. Insiders have sold a total of 503,260 shares of company stock worth $4,612,480 over the last quarter. 35.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SPRY. Wedbush reissued an "outperform" rating and set a $19.00 target price on shares of ARS Pharmaceuticals in a research note on Monday, March 11th. Leerink Partnrs upgraded ARS Pharmaceuticals from a "market perform" rating to an "outperform" rating in a research report on Tuesday, March 5th. SVB Leerink upgraded ARS Pharmaceuticals from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $6.00 to $18.00 in a research report on Tuesday, March 5th. Finally, William Blair upgraded ARS Pharmaceuticals from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 20th.

ARS Pharmaceuticals Stock Down 6.8 %

The stock has a market capitalization of $814.48 million, a PE ratio of -14.81 and a beta of 0.83. The stock has a fifty day moving average of $8.73 and a 200-day moving average of $6.25.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its earnings results on Thursday, March 21st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.07. Equities research analysts expect that ARS Pharmaceuticals, Inc. will post -0.69 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 the stock. Nisa Investment Advisors LLC lifted its holdings in ARS Pharmaceuticals by 22,300.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the company's stock worth $31,000 after buying an additional 5,575 shares during the last quarter. AJOVista LLC purchased a new stake in ARS Pharmaceuticals during the 4th quarter worth about $43,000. China Universal Asset Management Co. Ltd. lifted its holdings in ARS Pharmaceuticals by 352.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,105 shares of the company's stock worth $61,000 after buying an additional 8,652 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in ARS Pharmaceuticals during the 2nd quarter worth about $64,000. Finally, Wells Fargo & Company MN purchased a new stake in ARS Pharmaceuticals during the 2nd quarter worth about $64,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.