In a recent move, Sarina Tanimoto, the Chief Medical Officer of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY), has sold a significant amount of company stock. The transactions, which took place on June 11th and 12th, involved the sale of shares for a total value exceeding $913,000.
The sales were executed in multiple transactions at varying prices. On June 11th, a total of 2,166 shares were sold at an average price of $9.002, with a price range between $9.00 and $9.02. Additionally, another set of 1,972 shares were sold at an average price of $9.0039, within the same price range. On the following day, Tanimoto sold 47,834 shares at an average price of $9.1454 and 48,028 shares at an average price of $9.1447, with the range of prices for these transactions stretching from $9.01 to $9.315.
The shares sold on June 11th were held in two separate trusts. One set was by the Richard E. Lowenthal Charitable Remainder UniTrust, dated January 7, 2020, and the other by the Lowenthal-Tanimoto Family Trust U/A DTD 4/3/2006. It is noted that Tanimoto's spouse is the trustee of these trusts, and Tanimoto has disclaimed beneficial ownership of these securities. The sales were conducted according to a Rule 10b5-1 trading plan, which was established on March 31, 2023.
Following these transactions, Tanimoto's direct and indirect ownership in ARS Pharmaceuticals, Inc. includes a substantial number of shares, indicating continued investment in the company. The trust by Sarina Tanimoto Charitable Remainder, of which Tanimoto is a trustee, still holds 1,597,447 shares.
Investors often monitor insider transactions such as these for insights into executive confidence in the company's prospects. The sales reported in this filing represent a notable change in Tanimoto's holdings and could be of interest to current and potential shareholders of ARS Pharmaceuticals, Inc.
In other recent news, ARS Pharmaceuticals has submitted responses to both the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) concerning the approval of neffy®, an investigational epinephrine nasal spray for severe allergic reactions. The response to the EMA included results from a repeat dose study under nasal allergen challenge conditions and updated nitrosamine testing. Similarly, the FDA response addressed a Complete Response Letter received in 2023, providing updated data from a repeat dose pharmacokinetic/pharmacodynamic study and confirming no measurable nitrosamine levels.
In the midst of these developments, ARS Pharma also entered into an exclusive licensing deal with CSL (OTC:CSLLY) Seqirus for the commercialization of neffy in Australia and New Zealand. This agreement sees ARS Pharma eligible for milestone payments upon achieving certain events and also stipulates that post-regulatory approval, ARS Pharma will supply the finished product to CSL Seqirus.
The CHMP is expected to issue its opinion on neffy's Marketing Authorization Application in the second quarter of 2024. On the other hand, the FDA review period for the resubmission is up to six months, with a Prescription Drug User Fee Act target action date set for October 2, 2024. These are the recent developments in ARS Pharma's pursuit for the approval of neffy.
InvestingPro Insights
As Sarina Tanimoto adjusts her stake in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY), investors may find it valuable to consider the company's financial health and market performance. According to InvestingPro, SPRY holds more cash than debt on its balance sheet, which can be a positive indicator of the company's ability to manage financial obligations. Additionally, analysts foresee sales growth in the current year, suggesting potential for the company's expansion within its niche in the industry.
InvestingPro Data reveals a market capitalization of $870.12 million, which places SPRY in the mid-cap category, often associated with growth potential and investment risk. Despite a negative P/E ratio of -17.17, indicating that the company is not currently profitable, SPRY has experienced a significant price uptick of 71.05% over the last six months, reflecting investor optimism or speculative interest in the stock's future.
For investors looking for deeper insights, there are additional InvestingPro Tips available that detail aspects such as the company's gross profit margins and valuation multiples. These can provide a more nuanced understanding of SPRY's financial position and market valuation. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to these valuable tips.
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