SAN DIEGO—Eric Karas, the Chief Commercial Officer of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY), recently executed several stock transactions, according to a filing with the Securities and Exchange Commission. On December 2 and December 4, Karas sold a total of 10,000 shares of common stock, garnering approximately $140,423. The sales occurred at prices ranging from $14.00 to $14.1139 per share. The transactions come as SPRY shares have delivered an impressive 177% return over the past year, with the company now valued at $1.39 billion. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
In addition to these transactions, Karas exercised stock options to acquire 10,000 shares of common stock at a price of $1.50 per share. Following these transactions, Karas holds 5,693 shares directly.
The sales were conducted under a Rule 10b5-1 trading plan adopted by Karas earlier this year, ensuring that the transactions were pre-scheduled and not influenced by any material nonpublic information.
In other recent news, ARS Pharmaceuticals has made significant strides with its needle-free epinephrine products. The company has entered into a global agreement with ALK-Abelló A/S for its epinephrine nasal spray, known as EURneffy. This deal allows for the development, manufacturing, and commercialization of the product in various global markets, excluding the United States and a few other regions.
ARS Pharmaceuticals has also secured a supply deal with Nuova Ompi S.r.l for the provision of glass microvials for their emergency medication, neffy®. This agreement ensures a steady supply of essential components for the neffy® product line. Additionally, the company has updated its manufacturing agreement with Renaissance Lakewood, LLC, extending the contract for the production of neffy nasal unit dose sprays.
The FDA has approved neffy, a needle-free epinephrine treatment for Type I Allergic Reactions, now available by prescription across the United States. The company is also seeking FDA approval for neffy 1 mg, targeting younger children with severe allergies. Meanwhile, the European Commission has approved EURneffy, a needle-free adrenaline nasal spray, marking a milestone in allergy treatment.
In the financial sector, analyst firm Cantor Fitzgerald initiated coverage of ARS Pharmaceuticals with an Overweight rating, indicating a positive outlook for the company's potential. These are recent developments in the company's operations.
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