ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up to $8.21

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up before the market opened on Tuesday . The stock had previously closed at $8.21, but opened at $8.44. ARS Pharmaceuticals shares last traded at $8.56, with a volume of 50,615 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wedbush reiterated an “outperform” rating and set a $19.00 target price on shares of ARS Pharmaceuticals in a report on Monday, March 11th. William Blair upgraded ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 20th. SVB Leerink upgraded ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $6.00 to $18.00 in a report on Tuesday, March 5th. Finally, Leerink Partnrs upgraded ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 5th.

ARS Pharmaceuticals Price Performance

The firm has a 50 day moving average of $8.83 and a two-hundred day moving average of $6.39.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.07. As a group, analysts forecast that ARS Pharmaceuticals, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In related news, insider Sarina Tanimoto sold 98,778 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $9.02, for a total value of $890,977.56. Following the transaction, the insider now directly owns 1,747,294 shares of the company’s stock, valued at approximately $15,760,591.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Sarina Tanimoto sold 98,778 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $9.02, for a total value of $890,977.56. Following the transaction, the insider now directly owns 1,747,294 shares of the company’s stock, valued at approximately $15,760,591.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard E. Lowenthal sold 3,782 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $9.02, for a total value of $34,113.64. Following the completion of the transaction, the chief executive officer now directly owns 1,746,494 shares in the company, valued at $15,753,375.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 503,260 shares of company stock valued at $4,612,480. 35.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in shares of ARS Pharmaceuticals by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 4,098,497 shares of the company’s stock valued at $22,460,000 after buying an additional 229,988 shares during the period. AJOVista LLC bought a new position in shares of ARS Pharmaceuticals during the 4th quarter valued at $43,000. Nisa Investment Advisors LLC lifted its holdings in shares of ARS Pharmaceuticals by 22,300.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the company’s stock valued at $31,000 after buying an additional 5,575 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of ARS Pharmaceuticals by 352.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,105 shares of the company’s stock valued at $61,000 after buying an additional 8,652 shares during the period. Finally, Denali Advisors LLC bought a new position in shares of ARS Pharmaceuticals during the 4th quarter valued at $480,000. 68.16% of the stock is owned by institutional investors.

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.