ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Up 7.6% After Analyst Upgrade

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price rose 7.6% during mid-day trading on Monday after Leerink Partners raised their price target on the stock from $26.00 to $27.00. Leerink Partners currently has an outperform rating on the stock. ARS Pharmaceuticals traded as high as $12.09 and last traded at $12.09. Approximately 166,253 shares changed hands during trading, a decline of 85% from the average daily volume of 1,115,667 shares. The stock had previously closed at $11.24.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Four equities research 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, the company currently has an average rating of “Buy” and a consensus target price of $24.50.

Insider Activity

In other news, 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 transaction, the chief operating officer now owns 6,024 shares in the company, valued at approximately $74,095.20. This trade represents a 80.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kathleen D. Scott sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $16.00, for a total value of $200,000.00. Following the sale, the chief financial officer now owns 4,949 shares of the company’s stock, valued at approximately $79,184. The trade was a 71.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,208,058 shares of company stock worth $18,541,686. 40.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in ARS Pharmaceuticals during the third quarter worth approximately $30,000. Principal Financial Group Inc. purchased a new stake in ARS Pharmaceuticals during the second quarter worth approximately $87,000. J.W. Cole Advisors Inc. lifted its stake in ARS Pharmaceuticals by 10.8% during the second quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock worth $131,000 after purchasing an additional 1,500 shares during the last quarter. Quarry LP purchased a new stake in ARS Pharmaceuticals during the third quarter worth approximately $174,000. Finally, TFG Advisers LLC purchased a new stake in ARS Pharmaceuticals during the third quarter worth approximately $180,000. Hedge funds and other institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Price Performance

The firm has a 50 day moving average of $13.03 and a two-hundred day moving average of $12.75. The stock has a market cap of $1.16 billion, a PE ratio of -23.41 and a beta of 0.96.

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.