ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 5.5% – Time to Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price dropped 5.5% during trading on Friday . The stock traded as low as $11.93 and last traded at $11.95. Approximately 426,216 shares changed hands during trading, a decline of 48% from the average daily volume of 822,562 shares. The stock had previously closed at $12.64.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Leerink Partners increased their price target on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, William Blair raised shares of ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Four research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Trading Down 5.5 %

The business’s fifty day simple moving average is $14.67 and its two-hundred day simple moving average is $12.32.

Insider Activity at ARS Pharmaceuticals

In related news, major shareholder James E. Flynn sold 528,456 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the completion of the sale, the insider now owns 5,274,735 shares in the company, valued at $95,156,219.40. This represents a 9.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now owns 5,693 shares in the company, valued at approximately $79,702. This represents a 63.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,215,786 shares of company stock valued at $18,999,286 over the last ninety days. Insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC purchased a new stake in ARS Pharmaceuticals during the 3rd quarter valued at approximately $30,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ARS Pharmaceuticals by 151.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock worth $63,000 after purchasing an additional 4,472 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of ARS Pharmaceuticals during the second quarter worth $87,000. Quarry LP purchased a new position in ARS Pharmaceuticals in the 3rd quarter valued at $174,000. Finally, TFG Advisers LLC acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at $180,000. Hedge funds and other institutional investors own 68.16% of the company’s stock.

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.