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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares rose 6% on Thursday . The stock traded as high as $15.25 and last traded at $14.92. Approximately 353,461 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 801,062 shares. The stock had previously closed at $14.08.

Wall Street Analyst Weigh In

SPRY has been the subject of several recent research reports. Raymond James raised 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 report on Tuesday, August 13th. Leerink Partners lifted their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Finally, William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Four investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, ARS Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $24.00.

ARS Pharmaceuticals Trading Up 2.0 %

The firm has a market cap of $1.39 billion, a PE ratio of -29.96 and a beta of 0.90. The stock has a fifty day simple moving average of $14.53 and a two-hundred day simple moving average of $11.65.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, major shareholder James E. Flynn sold 528,456 shares of ARS Pharmaceuticals stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the completion of the sale, the insider now owns 5,274,735 shares in the company, valued at approximately $95,156,219.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Eric Karas sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the sale, the insider now owns 5,693 shares in the company, valued at $79,702. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder James E. Flynn sold 528,456 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,584,351 shares of company stock valued at $24,152,378 in the last quarter. 40.10% of the stock is currently owned by corporate insiders.

Institutional Trading of ARS Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. RA Capital Management L.P. lifted its position in ARS Pharmaceuticals by 14.8% in the 1st quarter. RA Capital Management L.P. now owns 10,860,977 shares of the company’s stock worth $110,999,000 after buying an additional 1,401,299 shares during the last quarter. Vanguard Group Inc. lifted its position in ARS Pharmaceuticals by 37.0% in the first quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company’s stock valued at $29,500,000 after purchasing an additional 779,969 shares during the last quarter. Royce & Associates LP lifted its position in ARS Pharmaceuticals by 7.1% in the third quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock valued at $10,026,000 after purchasing an additional 45,755 shares during the last quarter. First Turn Management LLC bought a new stake in ARS Pharmaceuticals in the third quarter valued at approximately $8,603,000. Finally, Charles Schwab Investment Management Inc. lifted its position in ARS Pharmaceuticals by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,947 shares of the company’s stock valued at $6,147,000 after purchasing an additional 8,417 shares during the last quarter. Institutional investors own 68.16% of the company’s stock.

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.