ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Up 5.8% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares traded up 5.8% on Wednesday . The company traded as high as $12.09 and last traded at $12.20. 265,361 shares were traded during 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 Analysts Forecast Growth

Several research firms have issued reports on SPRY. 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 began coverage on ARS Pharmaceuticals in a report on Monday, February 10th. They issued an “outperform” rating and a $40.00 price target for the company. Scotiabank started coverage on ARS Pharmaceuticals in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $30.00 price objective on the stock. Leerink Partners lifted their target price on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, January 13th. Finally, William Blair reissued an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Five 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 a consensus rating of “Buy” and a consensus target price of $31.00.

ARS Pharmaceuticals Price Performance

The company has a market capitalization of $1.16 billion, a PE ratio of -23.43 and a beta of 1.04. The company’s fifty day moving average is $11.93 and its 200-day moving average is $13.09.

Insider Buying and Selling at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, Director Laura Shawver sold 50,000 shares of the business’s stock in a transaction dated 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 directly owns 210,346 shares in the company, valued at approximately $2,334,840.60. The trade was a 19.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $11.67, for a total transaction of $1,167,000.00. Following the sale, the insider now directly owns 1,098,499 shares of the company’s stock, valued at approximately $12,819,483.33. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 249,600 shares of company stock valued at $2,893,516. 40.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC boosted its stake in ARS Pharmaceuticals by 189.7% in the third quarter. Barclays PLC now owns 111,666 shares of the company’s stock valued at $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 during the 3rd quarter valued at $8,603,000. Royce & Associates LP boosted its position in shares of ARS Pharmaceuticals by 7.1% in the 3rd quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock worth $10,026,000 after purchasing an additional 45,755 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in ARS Pharmaceuticals by 93.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 344,171 shares of the company’s stock worth $3,631,000 after buying an additional 165,950 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in ARS Pharmaceuticals by 766.1% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors 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.