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SPRY: Held by 9 Biotech Hedge Funds (2026) | BiotechEdge

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Home›Companies›ARS Pharmaceuticals, Inc. (SPRY)

ARS Pharmaceuticals, Inc.

SPRY

Held by 9 specialist biotech funds

High ConvergenceHigh short interest · No specialist buying

9 funds opened new positions. Next phase2 readout (Placebo): Jun 2026. Short interest: 37.0% of float.

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Data sourced from SEC EDGAR and ClinicalTrials.gov. Not investment advice.

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BiotechnologyCEO: Richard E. LowenthalIPO: 2020Website ↗

ARS Pharmaceuticals, Inc. develops ARS-1, a novel intranasal epinephrine spray with absorption technology for patients and their families at-risk of severe allergic reactions to food, medications, and insect bites. Its product includes Neffy, a low-dose intranasal epinephrine nasal spray. The company was incorporated in 2015 and is based in San Diego, California.

Score Holdings Short Interest Catalysts Insiders Research

Signal Score

5.5/10

9 funds opened new positions●●

No recent insider activity●●

No upcoming catalysts●●

Held by 9 specialist funds●●

See how each signal contributes— fund overlap, insider activity, catalyst timing, short interest (free trial)

Fund Holdings

9 fund convergence

Perceptive Advisors

Driehaus Capital

RA Capital ManagementHeld 7Q

Cormorant Asset Management

Baker Bros. Advisors

Deerfield ManagementHeld 7Q ↓

OrbiMed AdvisorsHeld 7Q

Tang Capital Management

Position history (shares)

RA Capital Management

7Q

Cormorant Asset Management

3Q

Deerfield Management

7Q

OrbiMed Advisors

7Q

Casdin Capital

2Q

AI Signal

Perceptive Advisors fully exited SPRY this quarter, a notable departure given the stock's 9-fund specialist backing including RA Capital, Baker Bros., and OrbiMed — suggesting Edelman's team sees a risk/reward mismatch others don't ahead of the Phase 2 placebo-controlled Urticaria readout expected mid-2026. The exit from a name with this level of smart-money convergence warrants close attention, as Perceptive's clinical-stage track record gives the sell signal weight beyond a routine portfolio rebalance.

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7 quarters

Position Trend

Nov 14, 2025

$283.9M

4 funds

Feb 17, 2026

$329.1M

4 funds

May 15, 2026

$214.0M

3 funds

May 29, 2026

$0

0 funds

-100% total institutional value over 19 quarters

Short Interest

High short interestSI declining 3 periods (-4.7%)

Short Shares

25.50M

Change

-2.7%

Days to Cover

13.7

% of Float

37.0%

Settlement

May 29, 2026

Short interest over 8 periods

Catalysts

Phase 2Q2 2026PlaceboUrticaria ChronicNCT06927999

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Activist Filings

SC 13D/ARA Capital Management11.1%Oct 1, 2025

SC 13D/AOrbiMed Advisors8.3%Nov 30, 2022

SC 13G/ARA Capital Management5.0%Feb 14, 2022

SC 13G/ABoxer Capital0.0%Feb 14, 2022

SC 13G/AEcoR1 Capital3.0%Feb 14, 2022

SC 13GRA Capital Management5.0%Feb 16, 2021

SC 13GEcoR1 Capital7.3%Jan 4, 2021

SC 13G/ABoxer Capital4.8%Dec 18, 2020

SC 13GBoxer Capital4.8%Dec 17, 2020

SC 13DOrbiMed Advisors22.4%Dec 11, 2020

Recent News & Research

PubMed

A phase 2 randomized controlled trial of luvadaxistat in treatment of adults with cognitive impairment associated with schizophrenia: results from the ERUDITE study.

# Investment Summary: ARS Pharmaceuticals ERUDITE Trial **Clinical Result:** This Phase 2 trial demonstrates luvadaxistat's efficacy in treating cognitive impairment in schizophrenia patients, addressing a significant unmet medical need where current antipsychotics provide limited benefit. **Commercial Implication:** Cognitive dysfunction represents a major disease burden and treatment gap in schizophrenia—if validated in Phase 3, luvadaxistat could differentiate SPRY's pipeline and capture a distinct market segment beyond standard antipsychotic competitors. **Investor Relevance:** Success here strengthens the clinical rationale for advancing luvadaxistat into late-stage development, potentially expanding SPRY's addressable market and improving probability of regulatory approval in a therapeutic area with high commercial value.

Apr 24, 2026

Position Details

Perceptive AdvisorsEXITEDMay 29, 2026

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Also Held by These Funds

ATXS4 funds ACLX3 funds RCKT3 funds BEIGF3 funds ELVN3 funds AXSM3 funds BHVN3 funds RYTM3 funds

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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