In a recent transaction, Sarina Tanimoto, Chief Medical Officer at ARS Pharmaceuticals, Inc. (NASDAQ:SPRY), sold a significant amount of company stock, totaling over $960,000. The sale occurred on July 9, 2024, and involved two separate transactions of 50,000 shares each, according to a Form 4 filed with the Securities and Exchange Commission.
The shares were sold at a weighted average price between $9.6168 and $9.6177, with the overall transaction totaling approximately $961,725. The sales were conducted under a Rule 10b5-1 trading plan, which was previously established on March 31, 2023.
Following these transactions, the reported holdings of Sarina Tanimoto included direct and indirect ownership through various trusts. The indirect holdings were by way of the Richard Lowenthal Charitable Remainder UniTrust dated January 7, 2020, and the Lowenthal-Tanimoto Family Trust U/A DTD 4/3/2006, with the former holding 1,496,494 shares and the latter 1,648,499 shares post-sale. Additionally, Tanimoto holds shares indirectly through the Sarina Tanimoto Charitable Remainder UniTrust dated January 7, 2020, and by her spouse.
It's worth noting that Tanimoto disclaims beneficial ownership of the securities held in trust where her spouse is the trustee, and this report does not constitute an admission of beneficial ownership for Section 16 or any other purposes.
The recent filings provide investors with insight into the stock transactions of ARS Pharmaceuticals executives, which can be a valuable piece of information for those following the company's financial developments.
In other recent news, ARS Pharmaceuticals has made significant progress with its needle-free adrenaline nasal spray, EURneffy®, intended for emergency treatment of severe allergic reactions. The company has received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use, moving closer to the final marketing authorization process in the EU, expected in the third quarter of 2024. Furthermore, the same data has been submitted to the U.S. Food and Drug Administration and is currently under review, with a decision expected by October 2, 2024.
ARS Pharmaceuticals also made headlines with its recent Annual Meeting of Stockholders, where three Class I directors were elected and Ernst & Young LLP was ratified as the independent auditor for the current fiscal year. The company has also responded to feedback from the European Medicines Agency and the U.S. Food and Drug Administration regarding their investigational epinephrine nasal spray, neffy®.
The company has also entered into an exclusive licensing deal with CSL (OTC:CSLLY) Seqirus for the commercialization of neffy in Australia and New Zealand. Under this agreement, ARS Pharma will receive an upfront payment and is eligible for milestone payments upon achieving certain events. These recent developments underline ARS Pharmaceuticals' commitment to developing products to protect patients from severe allergic reactions.
InvestingPro Insights
ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) has recently come into the spotlight with the Chief Medical Officer's notable stock sale. To provide a broader context on the company's financial health and market performance, here are some InvestingPro Insights:
The company currently holds a market capitalization of approximately $1.08 billion. Despite a challenging revenue landscape, with a significant drop in revenue growth over the last twelve months as of Q1 2024, the stock has shown a remarkable price total return of 61.42% over the past year. This could indicate investor confidence in the company's long-term strategy or potential market opportunities.
InvestingPro Tips suggest that while SPRY holds more cash than debt on its balance sheet and analysts anticipate sales growth in the current year, the stock is currently in overbought territory according to the Relative Strength Index (RSI). Additionally, the company is not expected to be profitable this year, and it suffers from weak gross profit margins. These factors combined could signal caution to prospective investors.
For those interested in a deeper dive into ARS Pharmaceuticals' financials and market predictions, there are 15 additional InvestingPro Tips available. These insights could be particularly valuable for investors looking to make informed decisions about their holdings in SPRY. To access these tips, visit InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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