ARS Pharmaceuticals (NASDAQ:SPRY) Trading Up 7.6% on Analyst Upgrade

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares shot up 7.6% during trading on Monday after Leerink Partners raised their price target on the stock from $26.00 to $27.00. Leerink Partners currently has an outperform rating on the stock. ARS Pharmaceuticals traded as high as $12.09 and last traded at $12.09. 166,253 shares changed hands during trading, a decline of 85% from the average session volume of 1,115,667 shares. The stock had previously closed at $11.24.

Separately, Cantor Fitzgerald restated an “overweight” rating and set 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. According to data from MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $24.50.

Insider Activity at ARS Pharmaceuticals

In other news, CFO Kathleen D. Scott sold 12,500 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $16.00, for a total transaction of $200,000.00. Following the sale, the chief financial officer now directly owns 4,949 shares of the company’s stock, valued at $79,184. The trade was a 71.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Laura Shawver sold 50,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $11.10, for a total value 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 trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,108,058 shares of company stock valued at $17,053,686 over the last 90 days. 40.10% of the stock is currently owned by corporate insiders.

Institutional Trading of ARS Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its position in shares of ARS Pharmaceuticals by 189.7% in the third quarter. Barclays PLC now owns 111,666 shares of the company’s stock worth $1,618,000 after acquiring an additional 73,127 shares in the last quarter. First Turn Management LLC purchased a new stake in shares of ARS Pharmaceuticals in the third quarter valued at $8,603,000. Royce & Associates LP boosted its position in shares of ARS Pharmaceuticals by 7.1% in the third quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock worth $10,026,000 after buying an additional 45,755 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of ARS Pharmaceuticals in the third quarter worth $2,584,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in ARS Pharmaceuticals by 766.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock valued at $3,401,000 after buying an additional 207,456 shares during the period. Institutional investors and hedge funds own 68.16% of the company’s stock.

ARS Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.09 billion, a PE ratio of -22.08 and a beta of 0.96. The firm has a 50 day moving average of $12.95 and a 200-day moving average of $12.78.

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.