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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price 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 traded.

Analysts Set New Price Targets

SPRY has been the topic of a number of recent research reports. Leerink Partners increased their target price on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Finally, Raymond James raised shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $18.00 to $22.00 in a report on Tuesday, August 13th. Four analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, ARS Pharmaceuticals has an average rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Performance

The business has a 50-day moving average price of $14.49 and a 200 day moving average price of $11.64.

Insiders Place Their Bets

In related news, insider Sarina Tanimoto sold 100,000 shares of the business’s 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 in the company, valued at approximately $19,321,665.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, COO Brian Dorsey sold 50,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $15.00, for a total value of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 6,024 shares of the company’s stock, valued at $90,360. The trade was a 0.00 % 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 Sarina Tanimoto sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.88, for a total transaction of $1,488,000.00. Following the sale, the insider now owns 1,298,499 shares of the company’s stock, valued at approximately $19,321,665.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,055,895 shares of company stock worth $14,619,032 over the last 90 days. Corporate insiders own 40.10% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new position in ARS Pharmaceuticals in the 3rd quarter worth about $30,000. Russell Investments Group Ltd. bought a new position in shares of ARS Pharmaceuticals during the 1st quarter valued at $60,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ARS Pharmaceuticals by 151.7% in 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. bought a new stake in shares of ARS Pharmaceuticals during the 2nd quarter valued at about $87,000. Finally, Paloma Partners Management Co purchased a new position in shares of ARS Pharmaceuticals in the first quarter worth approximately $103,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.