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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 traded.

The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.56. The business had revenue of $86.58 million during the quarter, compared to the consensus estimate of $15.46 million.

Analysts Set New Price Targets

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

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, Director Laura Shawver sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $11.10, for a total transaction of $555,000.00. Following the completion of the transaction, the director now owns 210,346 shares of the company’s stock, valued at $2,334,840.60. This represents a 19.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric Karas sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $14.00, for a total value of $140,000.00. Following the transaction, the insider now directly owns 7,696 shares of the company’s stock, valued at $107,744. The trade was a 56.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 159,600 shares of company stock worth $1,866,516 in the last ninety days. 40.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its position in shares of ARS Pharmaceuticals by 5,168.4% in the 4th quarter. Alliancebernstein L.P. now owns 3,880,734 shares of the company’s stock worth $40,942,000 after acquiring an additional 3,807,074 shares in the last quarter. Vanguard Group Inc. increased its position in ARS Pharmaceuticals by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 3,464,952 shares of the company’s stock valued at $36,555,000 after buying an additional 115,656 shares in the last quarter. State Street Corp increased its position in ARS Pharmaceuticals by 10.4% during the 3rd quarter. State Street Corp now owns 2,049,542 shares of the company’s stock valued at $29,718,000 after buying an additional 193,321 shares in the last quarter. Alyeska Investment Group L.P. increased its position in ARS Pharmaceuticals by 903.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,253,724 shares of the company’s stock valued at $13,227,000 after buying an additional 1,128,724 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in ARS Pharmaceuticals by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 1,238,156 shares of the company’s stock valued at $13,066,000 after buying an additional 3,351 shares in the last quarter. Institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Stock Performance

The company has a market cap of $1.20 billion, a P/E ratio of -24.24 and a beta of 1.03. The stock has a 50-day moving average of $12.06 and a two-hundred day moving average of $13.04.

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.