ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up on Analyst Upgrade

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares gapped up before the market opened on Tuesday after Raymond James raised their price target on the stock from $26.00 to $28.00. The stock had previously closed at $11.26, but opened at $11.91. Raymond James currently has a strong-buy rating on the stock. ARS Pharmaceuticals shares last traded at $11.54, with a volume of 102,538 shares changing hands.

A number of other analysts have also weighed in on the stock. Leerink Partners upped their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Four investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $26.00.

Insiders Place Their Bets

In other ARS Pharmaceuticals news, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction that occurred on 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 directly owns 5,274,735 shares in the company, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Laura Shawver sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $11.10, for a total transaction of $555,000.00. Following the completion of the sale, the director now owns 210,346 shares of the company’s stock, valued at approximately $2,334,840.60. The trade was a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,095,558 shares of company stock valued at $16,853,686 in the last quarter. Corporate 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. Barclays PLC boosted its position in ARS Pharmaceuticals by 189.7% during the third quarter. Barclays PLC now owns 111,666 shares of the company’s stock valued at $1,618,000 after buying an additional 73,127 shares during the period. First Turn Management LLC bought a new stake in shares of ARS Pharmaceuticals in the 3rd quarter valued at about $8,603,000. Royce & Associates LP lifted its stake in shares of ARS Pharmaceuticals by 7.1% in the 3rd quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock valued at $10,026,000 after acquiring an additional 45,755 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in ARS Pharmaceuticals during the 3rd quarter valued at about $2,584,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in ARS Pharmaceuticals by 766.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock worth $3,401,000 after acquiring an additional 207,456 shares during the last quarter. Institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Trading Up 0.9 %

The stock has a 50 day simple moving average of $12.95 and a 200 day simple moving average of $12.78. The firm has a market capitalization of $1.10 billion, a PE ratio of -22.27 and a beta of 0.96.

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.