ARS Pharmaceuticals (NASDAQ:SPRY) Trading 5.5% Higher – Still a Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price traded up 5.5% on Thursday . The company traded as high as $11.39 and last traded at $11.47. 487,982 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,304,041 shares. The stock had previously closed at $10.87.

Wall Street Analyst Weigh In

SPRY has been the topic of a number of research analyst reports. William Blair reiterated an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Raymond James boosted their target price on ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 14th. Oppenheimer initiated coverage on ARS Pharmaceuticals in a research report on Monday, February 10th. They set an “outperform” rating and a $40.00 target price on the stock. Scotiabank initiated coverage on ARS Pharmaceuticals in a research report on Friday. They set a “sector outperform” rating and a $30.00 target price on the stock. Finally, Leerink Partners boosted their target price on ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, January 13th. Six 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 data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $29.00.

ARS Pharmaceuticals Stock Up 0.6 %

The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -21.27 and a beta of 1.03. The company has a 50 day moving average of $11.87 and a 200 day moving average of $13.16.

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 100,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $13.16, for a total transaction of $1,316,000.00. Following the completion of the sale, the insider now directly owns 1,148,499 shares in the company, valued at $15,114,246.84. This represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Laura Shawver sold 50,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $11.10, for a total value of $555,000.00. Following the sale, the director now owns 210,346 shares of the company’s stock, valued at $2,334,840.60. This represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 401,872 shares of company stock worth $4,845,916. 40.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of ARS Pharmaceuticals by 0.6% in the fourth quarter. Wellington Management Group LLP now owns 163,252 shares of the company’s stock worth $1,722,000 after buying an additional 917 shares during the period. Rhumbline Advisers boosted its position in shares of ARS Pharmaceuticals by 2.9% in the fourth quarter. Rhumbline Advisers now owns 65,163 shares of the company’s stock worth $687,000 after buying an additional 1,824 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of ARS Pharmaceuticals by 10.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company’s stock worth $217,000 after buying an additional 1,962 shares during the period. Mariner LLC boosted its position in shares of ARS Pharmaceuticals by 5.8% in the fourth quarter. Mariner LLC now owns 35,908 shares of the company’s stock worth $379,000 after buying an additional 1,972 shares during the period. Finally, LPL Financial LLC boosted its position in shares of ARS Pharmaceuticals by 11.4% in the fourth quarter. LPL Financial LLC now owns 21,408 shares of the company’s stock worth $226,000 after buying an additional 2,190 shares during the period. 68.16% of the stock is currently owned by institutional investors and hedge funds.

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.