ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 5.4% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price was up 5.4% during trading on Monday . The company traded as high as $15.19 and last traded at $14.84. Approximately 533,700 shares traded hands during trading, a decline of 59% from the average daily volume of 1,312,863 shares. The stock had previously closed at $14.08.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SPRY shares. Leerink Partners boosted their price target on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Raymond James boosted their price target on ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research 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 company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $26.00.

ARS Pharmaceuticals Stock Performance

The stock’s 50 day simple moving average is $12.46 and its 200-day simple moving average is $13.01. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -28.95 and a beta of 0.96.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, insider Sarina Tanimoto sold 100,000 shares of the business’s stock in a transaction that occurred 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 directly owns 1,148,499 shares in the company, valued at $15,114,246.84. The trade was a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Brian Dorsey sold 25,000 shares of ARS Pharmaceuticals stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $12.30, for a total transaction of $307,500.00. Following the completion of the sale, the chief operating officer now directly owns 6,024 shares in the company, valued at $74,095.20. This represents a 80.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,095,558 shares of company stock worth $16,853,686. 40.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new stake in ARS Pharmaceuticals in the 3rd quarter valued at $30,000. Quarry LP acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at about $174,000. The Manufacturers Life Insurance Company purchased a new stake in shares of ARS Pharmaceuticals in the 2nd quarter valued at approximately $180,000. TFG Advisers LLC purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter valued at approximately $180,000. Finally, Stifel Financial Corp purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter valued at approximately $199,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.