ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 5.6%

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares shot up 5.6% during mid-day trading on Tuesday . The company traded as high as $13.96 and last traded at $13.94. 768,836 shares were traded during mid-day trading, an increase of 7% from the average session volume of 716,254 shares. The stock had previously closed at $13.20.

Analysts Set New Price Targets

Several analysts recently issued reports on SPRY shares. Raymond James raised shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $18.00 to $22.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald started coverage on shares of ARS Pharmaceuticals in a research report on Tuesday, August 20th. They issued an “overweight” rating and a $30.00 price target for the company. Finally, Leerink Partners lifted their price target on shares of ARS Pharmaceuticals from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ARS Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $22.75.

ARS Pharmaceuticals Trading Down 5.5 %

The stock has a market capitalization of $1.26 billion, a PE ratio of -25.60 and a beta of 0.87. The stock’s fifty day simple moving average is $10.76 and its 200-day simple moving average is $9.49.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The company had revenue of $0.50 million for the quarter, compared to the consensus estimate of $2.00 million. As a group, analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard E. Lowenthal sold 4,138 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $9.00, for a total value of $37,242.00. Following the transaction, the chief executive officer now directly owns 1,594,328 shares of the company’s stock, valued at approximately $14,348,952. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Richard E. Lowenthal sold 4,138 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $9.00, for a total value of $37,242.00. Following the sale, the chief executive officer now directly owns 1,594,328 shares in the company, valued at approximately $14,348,952. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter A. Thompson sold 407,700 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $13.56, for a total value of $5,528,412.00. Following the completion of the sale, the director now owns 544,677 shares in the company, valued at $7,385,820.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,033,395 shares of company stock valued at $13,131,411. 40.10% of the stock is owned by insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPRY. RA Capital Management L.P. raised its stake in ARS Pharmaceuticals by 14.8% in the 1st quarter. RA Capital Management L.P. now owns 10,860,977 shares of the company’s stock valued at $110,999,000 after acquiring an additional 1,401,299 shares during the period. Vanguard Group Inc. increased its position in shares of ARS Pharmaceuticals by 37.0% during the first quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock valued at $29,500,000 after buying an additional 779,969 shares during the period. ClariVest Asset Management LLC bought a new stake in shares of ARS Pharmaceuticals during the first quarter valued at about $2,790,000. Jacobs Levy Equity Management Inc. increased its position in shares of ARS Pharmaceuticals by 1,280.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 277,706 shares of the company’s stock valued at $2,838,000 after buying an additional 257,589 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of ARS Pharmaceuticals by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 4,098,497 shares of the company’s stock valued at $22,460,000 after buying an additional 229,988 shares during the period. 68.16% of the stock is currently owned by institutional investors.

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.