ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up After Analyst Upgrade

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up prior to trading on Tuesday after Leerink Partners raised their price target on the stock from $26.00 to $27.00. The stock had previously closed at $11.26, but opened at $11.91. Leerink Partners currently has an outperform rating on the stock. ARS Pharmaceuticals shares last traded at $11.54, with a volume of 102,538 shares changing hands.

Separately, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Four 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.com, ARS Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $24.50.

Insider Activity

In related news, Director Laura Shawver sold 50,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $11.10, for a total value of $555,000.00. Following the sale, the director now directly owns 210,346 shares in the company, valued at $2,334,840.60. This trade represents a 19.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Brian Dorsey sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.30, for a total transaction of $307,500.00. Following the sale, the chief operating officer now owns 6,024 shares in the company, valued at $74,095.20. This trade represents a 80.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,108,058 shares of company stock valued at $17,053,686. 40.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its stake in shares of ARS Pharmaceuticals by 10.4% in the third quarter. State Street Corp now owns 2,049,542 shares of the company’s stock valued at $29,718,000 after buying an additional 193,321 shares in the last quarter. Geode Capital Management LLC boosted its position in ARS Pharmaceuticals by 3.3% during the third quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company’s stock worth $17,909,000 after purchasing an additional 38,927 shares during the period. Royce & Associates LP boosted its position in ARS Pharmaceuticals by 7.1% during the third 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 during the period. Jacobs Levy Equity Management Inc. boosted its position in ARS Pharmaceuticals by 78.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock worth $9,469,000 after purchasing an additional 288,021 shares during the period. Finally, First Turn Management LLC bought a new position in ARS Pharmaceuticals during the third quarter worth $8,603,000. 68.16% of the stock is owned by institutional investors.

ARS Pharmaceuticals Price Performance

The stock’s 50-day simple moving average is $12.95 and its 200 day simple moving average is $12.78. The stock has a market capitalization of $1.12 billion, a P/E ratio of -22.63 and a beta of 0.96.

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.