Brokerages Set ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Price Target at $24.00

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) has earned an average rating of “Buy” from the six ratings firms that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $24.00.

A number of brokerages have recently commented on SPRY. William Blair upgraded shares of ARS Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Leerink Partners lifted their target price on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th.

ARS Pharmaceuticals Price Performance

Shares of NASDAQ SPRY opened at $11.41 on Monday. The company has a 50 day simple moving average of $14.11 and a 200 day simple moving average of $12.51. ARS Pharmaceuticals has a 1 year low of $5.18 and a 1 year high of $18.51. The firm has a market cap of $1.11 billion, a PE ratio of -22.37 and a beta of 0.88.

Insiders Place Their Bets

In other news, major shareholder James E. Flynn sold 528,456 shares of the 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 transaction, the insider now owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. This represents a 9.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard E. Lowenthal sold 100,000 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $13.83, for a total value of $1,383,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,346,494 shares of the company’s stock, valued at $18,622,012.02. The trade was a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,258,058 shares of company stock worth $19,369,686. 40.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of ARS Pharmaceuticals during the third quarter worth approximately $30,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ARS Pharmaceuticals by 151.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock worth $63,000 after buying an additional 4,472 shares during the last quarter. Principal Financial Group Inc. acquired a new position in ARS Pharmaceuticals during the second quarter worth $87,000. Quarry LP bought a new position in shares of ARS Pharmaceuticals in the third quarter valued at $174,000. Finally, TFG Advisers LLC acquired a new position in shares of ARS Pharmaceuticals during the third quarter valued at about $180,000. Institutional investors own 68.16% of the company’s stock.

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.