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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. 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.

The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.56. The company had revenue of $86.58 million for the quarter, compared to the consensus estimate of $15.46 million.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Leerink Partners increased their target price on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, January 13th. Oppenheimer started coverage on ARS Pharmaceuticals in a research note on Monday, February 10th. They issued an “outperform” rating and a $40.00 price target on the stock. Scotiabank started coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They set a “sector outperform” rating and a $30.00 target price on the stock. William Blair reiterated an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Raymond James lifted 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. Five 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 MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $31.00.

Insider Buying and Selling

In other ARS Pharmaceuticals news, insider Eric Karas sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider now owns 7,696 shares in the company, valued at $107,744. The trade was a 56.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Laura Shawver sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $11.10, for a total value of $555,000.00. Following the transaction, the director now owns 210,346 shares of the company’s stock, valued at $2,334,840.60. This trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 159,600 shares of company stock worth $1,866,516. Corporate insiders own 40.10% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

A number of large investors have recently modified their holdings of SPRY. 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 position in ARS Pharmaceuticals in the fourth quarter worth approximately $73,000. BNP Paribas Financial Markets bought a new position in ARS Pharmaceuticals in the fourth quarter worth approximately $75,000. Ball & Co Wealth Management Inc. bought a new position in ARS Pharmaceuticals in the fourth quarter worth approximately $105,000. Finally, Compass Capital Corp MA ADV bought a new position in ARS Pharmaceuticals in the fourth quarter worth approximately $106,000. Hedge funds and other institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Stock Down 13.6 %

The company has a market cap of $1.20 billion, a P/E ratio of -24.24 and a beta of 1.03. The business’s 50 day moving average is $12.06 and its 200 day moving average is $13.04.

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.