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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped up before the market opened on Tuesday after Raymond James raised their price target on the stock from $26.00 to $28.00. The stock had previously closed at $11.26, but opened at $11.91. Raymond James currently has a strong-buy rating on the stock. ARS Pharmaceuticals shares last traded at $11.54, with a volume of 102,538 shares traded.

SPRY has been the subject of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Leerink Partners raised their price objective on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday. Four investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $26.00.

Insider Activity at ARS Pharmaceuticals

In related news, major shareholder James E. Flynn sold 528,456 shares of ARS Pharmaceuticals stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the completion of the transaction, the insider now directly owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Justin Chakma sold 32,814 shares of ARS Pharmaceuticals stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $14.00, for a total transaction of $459,396.00. Following the transaction, the insider now directly owns 203,566 shares of the company’s stock, valued at $2,849,924. This represents a 13.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,095,558 shares of company stock valued at $16,853,686 in the last ninety days. Insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of ARS Pharmaceuticals by 10.4% during the 3rd quarter. State Street Corp now owns 2,049,542 shares of the company’s stock worth $29,718,000 after buying an additional 193,321 shares during the period. Geode Capital Management LLC lifted its stake in ARS Pharmaceuticals by 3.3% in the third quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company’s stock valued at $17,909,000 after buying an additional 38,927 shares in the last quarter. Royce & Associates LP lifted its stake in ARS Pharmaceuticals by 7.1% in the third quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock valued at $10,026,000 after buying an additional 45,755 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in ARS Pharmaceuticals by 78.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock valued at $9,469,000 after buying an additional 288,021 shares in the last quarter. Finally, First Turn Management LLC bought a new stake in shares of ARS Pharmaceuticals in 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 moving average price is $12.87 and its 200 day moving average price is $12.80. The firm has a market cap of $1.17 billion, a P/E ratio of -23.55 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.