SAN DIEGO—Tanimoto Sarina, Chief Medical Officer and a significant shareholder of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY), recently sold shares worth approximately $1.49 million. The sales took place on October 15, 2024, with the shares sold at prices ranging from $14.8642 to $15.2539 per share.
The transactions were executed under a pre-established Rule 10b5-1 trading plan. Following these sales, Sarina holds 3,407,847 shares directly, while indirect holdings include shares in various trusts and by her spouse, totaling several million shares.
These transactions reflect Sarina's ongoing management of her holdings in the company, which specializes in pharmaceutical preparations. ARS Pharmaceuticals is based in San Diego, California.
In other recent news, ARS Pharmaceuticals has secured a significant supply agreement with Nuova Ompi, a subsidiary of the Stevanato Group, for the provision of glass microvials essential for the company's emergency medication, neffy®. Moreover, the company has updated its manufacturing agreement with Renaissance Lakewood, extending the contract for the production of neffy nasal unit dose sprays. This comes on the heels of FDA approval of neffy, a needle-free epinephrine treatment for Type I Allergic Reactions, now available by prescription across the United States.
ARS Pharmaceuticals is also seeking FDA approval for neffy 1 mg, targeting younger children with severe allergies. In a positive development for the company, analyst firm Cantor Fitzgerald initiated coverage of ARS Pharmaceuticals with an Overweight rating.
In European developments, the European Commission has approved EURneffy, the first needle-free adrenaline nasal spray in the European Union, expected to be available in certain EU Member States by Q4 2024. These are among the recent developments that highlight ARS Pharmaceuticals' commitment to securing resources and regulatory approvals for its emergency medication offerings.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on ARS Pharmaceuticals' (NASDAQ:SPRY) current financial position and market performance, providing context to the recent insider sale by Chief Medical Officer Tanimoto Sarina.
According to InvestingPro, SPRY has seen a remarkable 350.14% price total return over the past year, with the stock currently trading near its 52-week high. This strong performance aligns with the timing of Sarina's share sale, which occurred at prices between $14.86 and $15.25 per share.
InvestingPro Tips highlight that SPRY holds more cash than debt on its balance sheet, indicating a solid financial foundation. This could be reassuring for investors despite the insider sale. Additionally, analysts anticipate sales growth in the current year, suggesting potential for future value creation.
However, it's worth noting that SPRY is not currently profitable, with a negative P/E ratio of -30.65 for the last twelve months as of Q2 2024. The company also suffers from weak gross profit margins, which may explain why analysts do not anticipate profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for SPRY, providing a deeper understanding of the company's financial health and market position.
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