ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up on Better-Than-Expected Earnings

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $11.65, but opened at $12.30. ARS Pharmaceuticals shares last traded at $13.91, with a volume of 1,722,059 shares trading hands.

The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.61.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. William Blair reiterated an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Oppenheimer assumed coverage on ARS Pharmaceuticals in a research report on Monday, February 10th. They set an “outperform” rating and a $40.00 price objective for the company. Scotiabank started coverage on ARS Pharmaceuticals in a research note on Friday, March 7th. They set a “sector outperform” rating and a $30.00 price target for the company. Raymond James increased their target price on ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 14th. Finally, Leerink Partners boosted their price objective on ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $31.00.

Insider Buying and Selling at ARS Pharmaceuticals

In related news, Director Laura Shawver sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.31, for a total value of $615,500.00. Following the transaction, the director now owns 210,346 shares of the company’s stock, valued at $2,589,359.26. This trade represents a 19.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 149,600 shares of company stock valued at $1,726,516 in the last quarter. 40.10% of the stock is owned by insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Bernard Wealth Management Corp. purchased a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at approximately $27,000. KLP Kapitalforvaltning AS bought a new stake in ARS Pharmaceuticals during the 4th quarter valued at $73,000. BNP Paribas Financial Markets purchased a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth $75,000. Compass Capital Corp MA ADV bought a new position in shares of ARS Pharmaceuticals during the 4th quarter worth $106,000. Finally, Ball & Co Wealth Management Inc. purchased a new position in shares of ARS Pharmaceuticals during the fourth quarter valued at $105,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

ARS Pharmaceuticals Price Performance

The firm has a fifty day moving average of $11.98 and a two-hundred day moving average of $13.03. The stock has a market capitalization of $1.40 billion, a P/E ratio of -28.11 and a beta of 1.03.

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.