ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 5.9% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares rose 5.9% on Friday . The stock traded as high as $14.36 and last traded at $14.02. Approximately 352,408 shares were traded during mid-day 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

SPRY has been the subject of a number of research reports. Raymond James boosted their target price on ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 14th. Leerink Partners boosted their price objective on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Scotiabank began coverage on shares of ARS Pharmaceuticals in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $30.00 target price on the stock. William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Oppenheimer assumed 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. Five equities research analysts have rated the stock with a buy rating and one has issued 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 price target of $31.00.

ARS Pharmaceuticals Stock Performance

The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -27.77 and a beta of 0.86. The company’s 50 day simple moving average is $11.97 and its 200 day simple moving average is $13.04.

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

Insider Activity

In related news, Director Laura Shawver sold 50,002 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $12.30, for a total transaction of $615,024.60. Following the transaction, the director now directly owns 210,346 shares of the company’s stock, valued at approximately $2,587,255.80. 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 is accessible through the SEC website. Also, insider Eric Karas sold 10,000 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the transaction, the insider now owns 7,696 shares in the company, valued at approximately $107,744. This represents a 56.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,602 shares of company stock worth $1,926,541 over the last quarter. Corporate insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in SPRY. Charles Schwab Investment Management Inc. lifted its position in shares of ARS Pharmaceuticals by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 423,947 shares of the company’s stock worth $6,147,000 after purchasing an additional 8,417 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of ARS Pharmaceuticals by 121.1% during the third quarter. The Manufacturers Life Insurance Company now owns 46,854 shares of the company’s stock worth $679,000 after buying an additional 25,658 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of ARS Pharmaceuticals by 766.1% in the third 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 acquiring an additional 207,456 shares during the period. HighTower Advisors LLC boosted its position in shares of ARS Pharmaceuticals by 18.2% in the third quarter. HighTower Advisors LLC now owns 28,310 shares of the company’s stock valued at $411,000 after acquiring an additional 4,369 shares during the period. Finally, Stifel Financial Corp acquired a new stake in shares of ARS Pharmaceuticals in the third quarter worth $199,000. Institutional investors 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.