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 trading hands.

Several other equities research analysts also recently commented on SPRY. Leerink Partners boosted their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a 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 stock. Based on data from MarketBeat, ARS Pharmaceuticals has a consensus rating of “Buy” and an average price target of $26.00.

Insider Activity

In related news, insider Justin Chakma sold 32,814 shares of ARS Pharmaceuticals stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $14.00, for a total value of $459,396.00. Following the sale, the insider now owns 203,566 shares of the company’s stock, valued at approximately $2,849,924. The trade was a 13.88 % decrease in their position. The transaction 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 shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the transaction, the insider now directly owns 5,274,735 shares of the company’s stock, valued at approximately $95,156,219.40. This trade represents a 9.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,095,558 shares of company stock worth $16,853,686 over the last quarter. Insiders own 40.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SPRY. nVerses Capital LLC purchased a new stake in ARS Pharmaceuticals in the 3rd quarter worth about $30,000. Principal Financial Group Inc. purchased a new position in shares of ARS Pharmaceuticals in the second quarter worth about $87,000. J.W. Cole Advisors Inc. raised its position in shares of ARS Pharmaceuticals by 10.8% in the second quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock valued at $131,000 after purchasing an additional 1,500 shares during the period. Quarry LP purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter valued at approximately $174,000. Finally, The Manufacturers Life Insurance Company bought a new position in ARS Pharmaceuticals in the 2nd quarter worth approximately $180,000. Hedge funds and other institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Trading Up 0.9 %

The company’s fifty day moving average is $12.95 and its 200 day moving average is $12.78. The company has a market capitalization of $1.10 billion, a P/E ratio of -22.27 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.