ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Receives Average Recommendation of “Buy” from Brokerages

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) has been assigned an average rating of “Buy” from the seven analysts that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $29.00.

Several equities analysts have recently issued reports on SPRY shares. Oppenheimer initiated coverage on ARS Pharmaceuticals in a research note on Monday, February 10th. They issued an “outperform” rating and a $40.00 price objective for the company. Leerink Partners lifted their price objective 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. Raymond James raised their price target on ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 14th. William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Scotiabank began coverage on ARS Pharmaceuticals in a research report on Friday. They set a “sector outperform” rating and a $30.00 target price on the stock.

ARS Pharmaceuticals Stock Up 0.6 %

ARS Pharmaceuticals stock opened at $10.85 on Friday. ARS Pharmaceuticals has a 52-week low of $7.55 and a 52-week high of $18.51. The firm has a market cap of $1.05 billion, a PE ratio of -21.27 and a beta of 1.03. The company’s 50 day moving average is $11.87 and its two-hundred day moving average is $13.16.

Insiders Place Their Bets

In other news, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $13.16, for a total value of $1,316,000.00. Following the completion of the sale, the insider now owns 1,148,499 shares of the company’s stock, valued at $15,114,246.84. The trade was a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Dorsey sold 25,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.30, for a total value of $307,500.00. Following the sale, the chief operating officer now directly owns 6,024 shares of the company’s stock, valued at approximately $74,095.20. This trade represents a 80.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 401,872 shares of company stock valued at $4,845,916. Insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in SPRY. US Bancorp DE grew its position in shares of ARS Pharmaceuticals by 11,951.6% in the 3rd quarter. US Bancorp DE now owns 18,680 shares of the company’s stock worth $271,000 after acquiring an additional 18,525 shares in the last quarter. GSA Capital Partners LLP increased its stake in ARS Pharmaceuticals by 67.7% during the third quarter. GSA Capital Partners LLP now owns 98,900 shares of the company’s stock valued at $1,434,000 after purchasing an additional 39,921 shares during the last quarter. Royce & Associates LP raised its holdings in shares of 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. First Turn Management LLC bought a new position in shares of ARS Pharmaceuticals in the 3rd quarter worth about $8,603,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in ARS Pharmaceuticals in the third quarter valued at approximately $1,120,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.