ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Up 6% – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price traded up 6% during trading on Thursday . The company traded as high as $15.25 and last traded at $14.92. 353,461 shares changed hands during trading, a decline of 56% from the average session volume of 801,062 shares. The stock had previously closed at $14.08.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Raymond James upgraded ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $18.00 to $22.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Leerink Partners lifted their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Four equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $24.00.

ARS Pharmaceuticals Price Performance

The firm has a 50 day simple moving average of $14.63 and a 200-day simple moving average of $11.71. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -27.47 and a beta of 0.90.

Insider Activity

In related news, insider Eric Karas sold 10,000 shares of the business’s stock in a transaction on Monday, August 19th. 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 directly owns 5,693 shares of the company’s stock, valued at $79,702. The trade was a 63.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder James E. Flynn sold 528,456 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $18.04, for a total value of $9,533,346.24. Following the transaction, the insider now directly owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. The trade was a 9.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,584,351 shares of company stock valued at $24,152,378. 40.10% of the stock is currently owned by corporate insiders.

Institutional Trading of ARS Pharmaceuticals

A number of institutional investors have recently bought and sold shares of SPRY. nVerses Capital LLC purchased a new stake in ARS Pharmaceuticals during the 3rd quarter worth about $30,000. Russell Investments Group Ltd. purchased a new stake in ARS Pharmaceuticals during the 1st quarter worth about $60,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in ARS Pharmaceuticals by 151.7% during the 2nd 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. purchased a new stake in ARS Pharmaceuticals during the 2nd quarter worth about $87,000. Finally, Paloma Partners Management Co purchased a new stake in ARS Pharmaceuticals during the 1st quarter worth about $103,000. 68.16% of the stock is 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.