ARS Pharmaceuticals (NASDAQ:SPRY) Trading 5.8% Higher – Time to Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price shot up 5.8% during trading on Wednesday . The company traded as high as $12.09 and last traded at $12.20. 265,361 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 1,310,013 shares. The stock had previously closed at $11.53.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Scotiabank initiated 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. Leerink Partners boosted 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, January 13th. Raymond James boosted their price objective 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. Oppenheimer started coverage on shares of ARS Pharmaceuticals in a report on Monday, February 10th. They set an “outperform” rating and a $40.00 price target for the company. Finally, William Blair reiterated an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $31.00.

ARS Pharmaceuticals Trading Up 5.5 %

The firm has a 50 day moving average of $11.89 and a two-hundred day moving average of $13.10. The company has a market cap of $1.18 billion, a PE ratio of -23.86 and a beta of 1.04.

Insider Buying and Selling

In other ARS Pharmaceuticals news, Director Laura Shawver sold 50,000 shares of the firm’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 value of $555,000.00. Following the sale, the director now directly owns 210,346 shares of the company’s stock, valued at approximately $2,334,840.60. This trade represents a 19.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Brian Dorsey sold 25,000 shares of ARS Pharmaceuticals stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.30, for a total value of $307,500.00. Following the completion of the sale, the chief operating officer now owns 6,024 shares in the company, valued at approximately $74,095.20. The trade was a 80.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 301,872 shares of company stock worth $3,529,916. Insiders own 40.10% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

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

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.