ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up on Analyst Upgrade

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up prior to trading on Tuesday after Raymond James raised their price target on the stock from $26.00 to $28.00. The stock had previously closed at $11.26, but opened at $11.91. Raymond James currently has a strong-buy rating on the stock. ARS Pharmaceuticals shares last traded at $11.54, with a volume of 102,538 shares traded.

Several other research analysts have also recently issued reports on SPRY. Leerink Partners increased their price objective on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $26.00.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, COO Brian Dorsey sold 25,000 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $12.30, for a total transaction of $307,500.00. Following the transaction, the chief operating officer now owns 6,024 shares in the company, valued at $74,095.20. This represents a 80.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the transaction, the insider now owns 5,274,735 shares in the company, valued at approximately $95,156,219.40. This trade represents a 9.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,095,558 shares of company stock worth $16,853,686. 40.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SPRY. nVerses Capital LLC acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at $30,000. J.W. Cole Advisors Inc. grew its stake in ARS Pharmaceuticals by 10.8% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock valued at $131,000 after buying an additional 1,500 shares during the last quarter. Quarry LP acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at $174,000. TFG Advisers LLC acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at $180,000. Finally, The Manufacturers Life Insurance Company acquired a new position in ARS Pharmaceuticals in the 2nd quarter valued at $180,000. Institutional investors and hedge funds own 68.16% of the company’s stock.

ARS Pharmaceuticals Stock Performance

The business’s 50 day moving average is $12.87 and its 200-day moving average is $12.80. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -23.55 and a beta of 0.96.

About ARS Pharmaceuticals

ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers.