SAN DIEGO, CA – In a recent move, Richard E. Lowenthal, President and CEO of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY), has sold a total of 100,000 shares of the company's common stock. The transactions, which took place on October 8, 2024, resulted in a total sale value of over $1.38 million, with the price per share ranging between $13.8277 and $13.8278.
The sales were conducted in accordance with a Rule 10b5-1 trading plan, which had been previously established on March 31, 2023. This plan allows company insiders to set up a predetermined schedule for buying or selling shares to avoid accusations of insider trading.
According to the SEC filing, the shares sold were held in two separate trusts. The first batch of 50,000 shares, sold at an average price of $13.8277, was held by the Richard Lowenthal Charitable Remainder UniTrust, for which Lowenthal serves as trustee. The second batch, also consisting of 50,000 shares and sold at an average price of $13.8278, was held by the Lowenthal-Tanimoto Family Trust, where both Lowenthal and his spouse serve as trustees.
Following these transactions, Lowenthal's direct holdings in ARS Pharmaceuticals have been adjusted to reflect a total of 4,315,313 shares. Additionally, the executive maintains indirect ownership through various family and charitable trusts, with the Lowenthal-Tanimoto Family Trust and Sarina Tanimoto Charitable Remainder UniTrust holding 1,447,447 and 3,407,847 shares, respectively. It is worth noting that Lowenthal disclaims beneficial ownership of the shares held by the Sarina Tanimoto Charitable Remainder UniTrust, as indicated in the filing's footnotes.
The sale has been publicly disclosed as per federal securities regulations, providing transparency to investors and the market. ARS Pharmaceuticals, headquartered in San Diego, California, specializes in pharmaceutical preparations and continues to be a notable player in the life sciences sector.
Investors and followers of ARS Pharmaceuticals can obtain full details regarding the exact number of shares sold at each price upon request to the company or the SEC. The recent filings underscore the importance of staying informed on the trading activities of company insiders, which can offer insights into their perspective on the company's current valuation and future prospects.
In other recent news, ARS Pharmaceuticals has made significant progress in the pharmaceutical industry. The company has updated its manufacturing agreement with Renaissance Lakewood, extending the initial term for the neffy nasal unit dose sprays and adjusting the termination provisions. ARS Pharmaceuticals has also received FDA approval for Neffy, a needle-free epinephrine treatment for Type I Allergic Reactions, and has submitted a supplemental New Drug Application for Neffy 1 mg, targeted at pediatric patients.
The company's product, EURneffy, a needle-free adrenaline nasal spray, has been approved by the European Commission, marking a milestone in allergy treatment. ARS Pharmaceuticals' shareholders have elected three Class I directors and ratified Ernst & Young LLP as the independent auditor for the current fiscal year.
Cantor Fitzgerald has initiated coverage of ARS Pharmaceuticals with an Overweight rating, showing a positive outlook on the company's potential. These are recent developments in the company's operations. The company plans to expand access to Neffy internationally, with EURneffy expected to be available in certain EU Member States by Q4 2024.
InvestingPro Insights
To provide additional context to Richard E. Lowenthal's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for ARS Pharmaceuticals (NASDAQ:SPRY).
According to InvestingPro data, ARS Pharmaceuticals has a market capitalization of $1.35 billion, indicating it's a mid-sized player in the pharmaceutical sector. The company's stock has shown remarkable performance, with a one-year price total return of 240.2% as of the latest data. This strong return aligns with one of the InvestingPro Tips, which highlights the company's high return over the last year.
Despite the impressive stock performance, it's important to note that ARS Pharmaceuticals is not currently profitable. The company reported a negative gross profit of $19.57 million in the last twelve months as of Q2 2024, with a gross profit margin of -3,913.2%. This aligns with another InvestingPro Tip, which indicates that the company suffers from weak gross profit margins.
On a positive note, ARS Pharmaceuticals holds more cash than debt on its balance sheet, as pointed out by an InvestingPro Tip. This strong liquidity position could provide the company with financial flexibility as it continues to develop its pharmaceutical preparations.
Analysts anticipate sales growth for ARS Pharmaceuticals in the current year, which could be a factor in the stock's recent performance and Lowenthal's decision to sell shares. However, it's worth noting that analysts do not expect the company to be profitable this year, according to InvestingPro Tips.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for ARS Pharmaceuticals, providing a deeper understanding of the company's financial health and market position.
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