ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up After Better-Than-Expected Earnings

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $11.65, but opened at $12.30. ARS Pharmaceuticals shares last traded at $13.91, with a volume of 1,722,059 shares changing hands.

The company reported $0.52 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.61.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Leerink Partners increased their price objective on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Scotiabank started coverage on shares of ARS Pharmaceuticals in a research note on Friday, March 7th. They set a “sector outperform” rating and a $30.00 price objective for the company. Oppenheimer initiated coverage on shares of ARS Pharmaceuticals in a report on Monday, February 10th. They set an “outperform” rating and a $40.00 target price for the company. Raymond James boosted their target price on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $31.00.

Insider Buying and Selling

In related news, Director Laura Shawver sold 49,600 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $11.21, for a total value of $556,016.00. Following the completion of the sale, the director now owns 210,346 shares of the company’s stock, valued at approximately $2,357,978.66. The trade was a 19.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 149,600 shares of company stock valued at $1,726,516. 40.10% of the stock is owned by company insiders.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in ARS Pharmaceuticals by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 163,252 shares of the company’s stock valued at $1,722,000 after buying an additional 917 shares in the last quarter. Rhumbline Advisers lifted its holdings in ARS Pharmaceuticals by 2.9% in the 4th quarter. Rhumbline Advisers now owns 65,163 shares of the company’s stock valued at $687,000 after purchasing an additional 1,824 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in ARS Pharmaceuticals by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company’s stock worth $217,000 after purchasing an additional 1,962 shares during the last quarter. Mariner LLC grew its holdings in shares of ARS Pharmaceuticals by 5.8% during the fourth quarter. Mariner LLC now owns 35,908 shares of the company’s stock worth $379,000 after buying an additional 1,972 shares in the last quarter. Finally, LPL Financial LLC raised its position in shares of ARS Pharmaceuticals by 11.4% in the fourth quarter. LPL Financial LLC now owns 21,408 shares of the company’s stock valued at $226,000 after buying an additional 2,190 shares during the last quarter. Institutional investors and hedge funds own 68.16% of the company’s stock.

ARS Pharmaceuticals Price Performance

The stock has a market capitalization of $1.40 billion, a PE ratio of -28.11 and a beta of 1.03. The company’s 50 day moving average price is $11.98 and its two-hundred day moving average price is $13.03.

ARS Pharmaceuticals Company Profile

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.