ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Down – Should You Sell?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped down before the market opened on Wednesday . The stock had previously closed at $16.61, but opened at $16.11. ARS Pharmaceuticals shares last traded at $15.77, with a volume of 594,391 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SPRY. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Raymond James upgraded shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $18.00 to $22.00 in a research note on Tuesday, August 13th. Leerink Partners boosted their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Finally, William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Four equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ARS Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Down 10.6 %

The firm’s fifty day moving average is $14.49 and its 200 day moving average is $11.64.

Insider Transactions at ARS Pharmaceuticals

In other news, insider Eric Karas sold 10,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $14.00, for a total value of $140,000.00. Following the sale, the insider now owns 5,693 shares in the company, valued at approximately $79,702. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Eric Karas sold 10,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the transaction, the insider now owns 5,693 shares of the company’s stock, valued at $79,702. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.88, for a total transaction of $1,488,000.00. Following the sale, the insider now directly owns 1,298,499 shares of the company’s stock, valued at $19,321,665.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,055,895 shares of company stock worth $14,619,032 over the last three months. 40.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SPRY. RA Capital Management L.P. lifted its position in shares of ARS Pharmaceuticals by 14.8% in the first quarter. RA Capital Management L.P. now owns 10,860,977 shares of the company’s stock valued at $110,999,000 after buying an additional 1,401,299 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of ARS Pharmaceuticals by 37.0% during the 1st quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock worth $29,500,000 after buying an additional 779,969 shares during the last quarter. First Turn Management LLC bought a new stake in shares of ARS Pharmaceuticals during the 3rd quarter worth about $8,603,000. Jacobs Levy Equity Management Inc. grew its stake in ARS Pharmaceuticals by 1,280.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 277,706 shares of the company’s stock valued at $2,838,000 after buying an additional 257,589 shares during the last quarter. Finally, Raymond James & Associates bought a new position in ARS Pharmaceuticals in the 3rd quarter valued at about $2,969,000. Institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Company 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.