Deerfield Management SPRY Position
Active9-Fund ConvergenceDeerfield Management held their position in ARS Pharmaceuticals, Inc. (SPRY) in Q4 2025, holding $87.4M worth of shares across 7,503,812 shares.
The position was first reported in Q1 2023 and has been tracked across 12 quarterly 13F filings.
SPRY is a convergence signal: 9 specialist biotech funds hold this stock, suggesting high institutional conviction.
There is an upcoming Phase 2 readout for Placebo in 77 days (Jun 30, 2026), making the timing of Deerfield's position particularly relevant.
Short interest stands at 38.8% of float with 21.2 days to cover, indicating significant bearish positioning against Deerfield's long thesis.
About ARS Pharmaceuticals, Inc.
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.
Full company profile →Short Interest
38.8%
21.2 days to cover
Deerfield Management SPRY Position History
| Quarter | Action | Shares | Change | Value |
|---|---|---|---|---|
| Q4 2025 | Held | 7,503,812 | — | $87.4M |
| Q3 2025 | Decreased | 7,503,812 | -2,220,696 | $75.4M |
| Q2 2025 | Decreased | 9,724,508 | -790,149 | $169.7M |
| Q1 2025 | Held | 10,514,657 | — | $132.3M |
| Q4 2024 | Decreased | 10,514,657 | -563,270 | $110.9M |
| Q3 2024 | Held | 11,077,927 | — | $160.6M |
| Q2 2024 | Held | 11,077,927 | — | $94.3M |
| Q1 2024 | Held | 11,077,927 | — | $113.2M |
| Q4 2023 | Held | 11,077,927 | — | $60.7M |
| Q3 2023 | Held | 11,077,927 | — | $41.9M |
| Q2 2023 | Held | 11,077,927 | — | $74.2M |
| Q1 2023 | New | 11,077,927 | +11,077,927 | $72.1M |
Frequently Asked Questions
Does Deerfield Management own SPRY?
Yes. As of Q4 2025, Deerfield Management holds 7,503,812 shares of ARS Pharmaceuticals, Inc. (SPRY) valued at $87.4M. This data comes from their SEC 13F filing.
How many hedge funds own SPRY?
9 specialist biotech hedge funds currently hold SPRY, including RA Capital Management, OrbiMed Advisors, Cormorant Asset Management and 5 more. When 3 or more specialist funds hold the same stock, BiotechEdge flags it as a convergence signal.
When did Deerfield Management first buy SPRY?
Deerfield Management's position in SPRY was first reported in Q1 2023. 13F filings are reported with a 45-day delay, so the actual purchase may have occurred earlier in the quarter.
Is Deerfield Management's SPRY position increasing or decreasing?
Deerfield Management held their SPRY position unchanged in the most recent quarter.
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