ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up Following Insider Buying Activity

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $9.96, but opened at $10.48. ARS Pharmaceuticals shares last traded at $11.12, with a volume of 241,054 shares traded.

Specifically, Director Ra Capital Management, L.P. purchased 437,600 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of $9.06 per share, with a total value of $3,964,656.00. Following the purchase, the director now owns 8,994,374 shares of the company’s stock, valued at $81,489,028.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Ra Capital Management, L.P. acquired 437,600 shares of ARS Pharmaceuticals stock in a transaction on Monday, March 25th. The shares were bought at an average cost of $9.06 per share, for a total transaction of $3,964,656.00. Following the acquisition, the director now directly owns 8,994,374 shares of the company’s stock, valued at approximately $81,489,028.44. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sarina Tanimoto sold 98,778 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $9.02, for a total value of $890,977.56. Following the transaction, the insider now owns 1,747,294 shares in the company, valued at $15,760,591.88. The disclosure for this sale can be found here. In the last three months, insiders sold 303,260 shares of company stock valued at $2,756,480. Insiders own 35.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. SVB Leerink raised ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $6.00 to $18.00 in a research report on Tuesday, March 5th. William Blair raised ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 20th. Wedbush reissued an “outperform” rating and issued a $19.00 price objective on shares of ARS Pharmaceuticals in a report on Monday, March 11th. Finally, Leerink Partnrs raised ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 5th.

ARS Pharmaceuticals Stock Performance

The company has a 50 day moving average of $7.75 and a two-hundred day moving average of $5.80. The stock has a market cap of $1.07 billion, a PE ratio of -17.47 and a beta of 0.78.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Charles Schwab Trust Co purchased a new stake in shares of ARS Pharmaceuticals in the third quarter valued at approximately $16,050,000. RA Capital Management L.P. grew its position in shares of ARS Pharmaceuticals by 214.3% in the third quarter. RA Capital Management L.P. now owns 9,459,678 shares of the company’s stock valued at $35,758,000 after purchasing an additional 6,450,000 shares in the last quarter. Barclays PLC purchased a new stake in shares of ARS Pharmaceuticals in the second quarter valued at approximately $138,000. Brendel Financial Advisors LLC purchased a new stake in shares of ARS Pharmaceuticals in the third quarter valued at approximately $72,000. Finally, FAS Wealth Partners Inc. grew its position in shares of ARS Pharmaceuticals by 34.2% in the third quarter. FAS Wealth Partners Inc. now owns 45,970 shares of the company’s stock valued at $174,000 after purchasing an additional 11,720 shares in the last quarter. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.