ARS Pharmaceuticals (NASDAQ:SPRY) Trading 5.8% Higher – Here’s Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price traded up 5.8% during mid-day trading on Wednesday . The stock traded as high as $12.09 and last traded at $12.20. 265,361 shares traded hands during trading, a decline of 80% from the average session volume of 1,310,013 shares. The stock had previously closed at $11.53.

Analyst Ratings Changes

Several brokerages have issued reports on SPRY. Oppenheimer assumed coverage on shares of ARS Pharmaceuticals in a research note on Monday, February 10th. They issued an “outperform” rating and a $40.00 price objective on the stock. William Blair reissued an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Scotiabank started coverage on shares of ARS Pharmaceuticals in a research report on Friday, March 7th. They set a “sector outperform” rating and a $30.00 price objective for the company. Raymond James lifted their price target on ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 14th. Finally, Leerink Partners lifted their price objective on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, January 13th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $31.00.

ARS Pharmaceuticals Stock Up 5.5 %

The firm has a market cap of $1.18 billion, a P/E ratio of -23.86 and a beta of 1.04. The firm’s fifty day moving average is $11.89 and its two-hundred day moving average is $13.10.

Insider Buying and Selling

In related news, Director Laura Shawver sold 49,600 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $11.21, for a total transaction of $556,016.00. Following the transaction, the director now directly owns 210,346 shares of the company’s stock, valued at $2,357,978.66. This represents a 19.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Sarina Tanimoto sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $11.67, for a total value of $1,167,000.00. Following the completion of the sale, the insider now owns 1,098,499 shares in the company, valued at approximately $12,819,483.33. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 301,872 shares of company stock worth $3,529,916. Corporate insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in SPRY. Bernard Wealth Management Corp. acquired a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at about $27,000. KLP Kapitalforvaltning AS bought a new stake in shares of ARS Pharmaceuticals during the 4th quarter valued at about $73,000. BNP Paribas Financial Markets acquired a new stake in shares of ARS Pharmaceuticals during the 4th quarter worth approximately $75,000. Compass Capital Corp MA ADV acquired a new position in shares of ARS Pharmaceuticals during the fourth quarter valued at $106,000. Finally, Ball & Co Wealth Management Inc. bought a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth $105,000. Hedge funds and other 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.