ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 4.9% – Should You Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price was up 4.9% on Wednesday . The company traded as high as $13.04 and last traded at $13.15. Approximately 148,434 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,076,877 shares. The stock had previously closed at $12.53.

Analyst Ratings Changes

SPRY has been the subject of several research reports. Raymond James upped their target price on ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note 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 target price on the stock. Leerink Partners boosted their price target on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. William Blair restated an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Scotiabank assumed coverage on ARS Pharmaceuticals in a report on Friday, March 7th. They issued a “sector outperform” rating and a $30.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ARS Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $31.00.

ARS Pharmaceuticals Stock Performance

The firm has a market cap of $1.27 billion, a PE ratio of -25.41 and a beta of 1.03. The company’s 50-day simple moving average is $12.13 and its two-hundred day simple moving average is $13.09.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its earnings results on Thursday, March 20th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.56. The firm had revenue of $86.58 million for the quarter, compared to analysts’ expectations of $15.46 million. On average, analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current year.

Insider Activity

In other news, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the sale, the insider now owns 7,696 shares of the company’s stock, valued at approximately $107,744. The trade was a 56.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Laura Shawver sold 50,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.31, for a total transaction of $615,500.00. Following the completion of the transaction, the director now directly owns 210,346 shares of the company’s stock, valued at approximately $2,589,359.26. The trade was a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,600 shares of company stock valued at $1,866,516. Company insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Bernard Wealth Management Corp. bought a new position in ARS Pharmaceuticals in the fourth quarter worth $27,000. KLP Kapitalforvaltning AS bought a new position in shares of ARS Pharmaceuticals in the 4th quarter worth about $73,000. BNP Paribas Financial Markets purchased a new position in ARS Pharmaceuticals during the 4th quarter valued at about $75,000. Ball & Co Wealth Management Inc. purchased a new position in ARS Pharmaceuticals during the 4th quarter valued at about $105,000. Finally, Compass Capital Corp MA ADV purchased a new stake in ARS Pharmaceuticals in the fourth quarter worth about $106,000. 68.16% of the stock is currently owned by institutional investors.

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.