ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares gapped up prior to trading on Thursday . The stock had previously closed at $10.96, but opened at $11.50. ARS Pharmaceuticals shares last traded at $10.95, with a volume of 188,427 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on SPRY. Leerink Partners raised their price target on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 20th. William Blair upgraded shares of ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Four 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, ARS Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Price Performance

The firm has a market cap of $1.09 billion, a PE ratio of -21.92 and a beta of 0.88. The business has a 50-day moving average price of $14.44 and a two-hundred day moving average price of $12.42.

Insider Transactions at ARS Pharmaceuticals

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $13.83, for a total transaction of $1,383,000.00. Following the sale, the chief executive officer now owns 1,346,494 shares in the company, valued at approximately $18,622,012.02. This trade represents a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the completion of the transaction, the insider now owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,258,058 shares of company stock valued at $19,369,686 in the last ninety days. Corporate insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of large investors have recently modified their holdings of SPRY. Bank of New York Mellon Corp lifted its holdings in shares of ARS Pharmaceuticals by 99.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company’s stock valued at $1,185,000 after acquiring an additional 69,394 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 acquiring an additional 4,472 shares in the last quarter. FAS Wealth Partners Inc. boosted its holdings in ARS Pharmaceuticals by 11.9% in the 2nd quarter. FAS Wealth Partners Inc. now owns 67,656 shares of the company’s stock worth $576,000 after acquiring an additional 7,186 shares during the period. Principal Financial Group Inc. acquired a new stake in ARS Pharmaceuticals in the second quarter valued at approximately $87,000. Finally, Rhumbline Advisers raised its stake in shares of ARS Pharmaceuticals by 78.0% during the second quarter. Rhumbline Advisers now owns 65,942 shares of the company’s stock valued at $561,000 after purchasing an additional 28,888 shares during the period. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.