ARS Pharmaceuticals (NASDAQ:SPRY) Trading 5.9% Higher – Time to Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) rose 5.9% on Friday . The stock traded as high as $14.36 and last traded at $14.02. Approximately 352,408 shares changed hands during trading, a decline of 78% from the average daily volume of 1,632,045 shares. The stock had previously closed at $13.24.

Analyst Ratings Changes

Several analysts have recently commented on SPRY shares. William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Scotiabank initiated coverage on ARS Pharmaceuticals in a research note on Friday, March 7th. They set a “sector outperform” rating and a $30.00 target price on the stock. Leerink Partners increased their price target on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, January 13th. Oppenheimer initiated coverage on shares of ARS Pharmaceuticals in a research report on Monday, February 10th. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, Raymond James increased their target price on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 14th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $31.00.

ARS Pharmaceuticals Price Performance

The stock has a market cap of $1.38 billion, a price-to-earnings ratio of -27.55 and a beta of 0.86. The business has a fifty day moving average of $12.00 and a 200 day moving average of $13.04.

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

Insider Transactions at ARS Pharmaceuticals

In related news, Director Laura Shawver sold 49,600 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $11.21, for a total transaction of $556,016.00. Following the completion of the sale, the director now directly owns 210,346 shares of the company’s stock, valued at approximately $2,357,978.66. This represents a 19.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now owns 7,696 shares in the company, valued at $107,744. This trade represents a 56.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,602 shares of company stock worth $1,926,541. 40.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several large investors have recently made changes to their positions in SPRY. Wellington Management Group LLP increased its position in ARS Pharmaceuticals by 0.6% during the fourth quarter. Wellington Management Group LLP now owns 163,252 shares of the company’s stock worth $1,722,000 after acquiring an additional 917 shares during the period. Rhumbline Advisers increased its holdings in shares of ARS Pharmaceuticals by 2.9% during the 4th quarter. Rhumbline Advisers now owns 65,163 shares of the company’s stock worth $687,000 after purchasing an additional 1,824 shares during the period. China Universal Asset Management Co. Ltd. raised its position in shares of ARS Pharmaceuticals by 10.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company’s stock valued at $217,000 after buying an additional 1,962 shares during the last quarter. Mariner LLC lifted its stake in shares of ARS Pharmaceuticals by 5.8% in the fourth quarter. Mariner LLC now owns 35,908 shares of the company’s stock valued at $379,000 after buying an additional 1,972 shares during the period. Finally, LPL Financial LLC grew its position in ARS Pharmaceuticals by 11.4% during the fourth quarter. LPL Financial LLC now owns 21,408 shares of the company’s stock worth $226,000 after buying an additional 2,190 shares in the last quarter. Institutional investors and hedge funds own 68.16% of the company’s stock.

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.