ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 1-Year High – Still a Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares hit a new 52-week high on Wednesday . The company traded as high as $16.58 and last traded at $16.56, with a volume of 1426862 shares changing hands. The stock had previously closed at $15.23.

Wall Street Analyst Weigh In

SPRY has been the subject of a number of analyst reports. Raymond James upgraded shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $18.00 to $22.00 in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Leerink Partners raised their target price on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Four analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Trading Up 8.5 %

The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -31.62 and a beta of 0.91. The firm’s 50 day simple moving average is $13.24 and its 200-day simple moving average is $10.68.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The business had revenue of $0.50 million during the quarter, compared to the consensus estimate of $2.00 million. As a group, sell-side analysts forecast that ARS Pharmaceuticals, Inc. will post -0.66 EPS for the current fiscal year.

Insider Transactions at ARS Pharmaceuticals

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $13.83, for a total value of $1,383,000.00. Following the completion of the sale, the chief executive officer now owns 1,346,494 shares in the company, valued at $18,622,012.02. This trade represents a 0.00 % 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. In related news, CEO Richard E. Lowenthal sold 100,000 shares of ARS Pharmaceuticals stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $13.83, for a total transaction of $1,383,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,346,494 shares of the company’s stock, valued at approximately $18,622,012.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Peter A. Thompson sold 407,700 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $13.56, for a total value of $5,528,412.00. Following the sale, the director now owns 544,677 shares in the company, valued at approximately $7,385,820.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 943,395 shares of company stock valued at $12,931,032 in the last ninety days. 40.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. acquired a new stake in shares of ARS Pharmaceuticals in the first quarter valued at approximately $60,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in ARS Pharmaceuticals by 151.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock worth $63,000 after buying an additional 4,472 shares in the last quarter. Principal Financial Group Inc. purchased a new position in ARS Pharmaceuticals during the second quarter worth $87,000. Paloma Partners Management Co acquired a new position in shares of ARS Pharmaceuticals in the first quarter worth $103,000. Finally, SG Americas Securities LLC purchased a new stake in shares of ARS Pharmaceuticals in the first quarter valued at $119,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.