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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price rose 6% during trading on Thursday . The company traded as high as $15.25 and last traded at $14.92. Approximately 353,461 shares were traded 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 Analysts Forecast Growth

SPRY has been the subject of a number of research analyst reports. Leerink Partners increased their price target on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Raymond James upgraded ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $18.00 to $22.00 in a research note on Tuesday, August 13th. Finally, William Blair upgraded ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Four investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $24.00.

ARS Pharmaceuticals Price Performance

The business has a fifty day moving average price of $14.63 and a two-hundred day moving average price of $11.71. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -27.47 and a beta of 0.90.

Insider Activity

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $15.03, for a total transaction of $1,503,000.00. Following the sale, the chief executive officer now directly owns 1,497,447 shares of the company’s stock, valued at $22,506,628.41. This trade represents a 6.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder James E. Flynn sold 528,456 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 5,274,735 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 1,584,351 shares of company stock valued at $24,152,378. Company insiders own 40.10% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in ARS Pharmaceuticals in the first quarter valued at approximately $119,000. Russell Investments Group Ltd. purchased a new position in shares of ARS Pharmaceuticals in the first quarter valued at approximately $60,000. Vanguard Group Inc. lifted its position in shares of 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 acquiring an additional 779,969 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of ARS Pharmaceuticals in the first quarter valued at approximately $172,000. Finally, Paloma Partners Management Co purchased a new position in shares of ARS Pharmaceuticals in the first quarter valued at approximately $103,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.