ARS Pharmaceuticals (NASDAQ:SPRY) Trading Up 10.8% – Still a Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price was up 10.8% during mid-day trading on Friday . The company traded as high as $13.44 and last traded at $13.52. Approximately 411,231 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,567,895 shares. The stock had previously closed at $12.20.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SPRY shares. Scotiabank assumed coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $30.00 target price on the stock. Oppenheimer assumed coverage on ARS Pharmaceuticals in a research report on Monday, February 10th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ARS Pharmaceuticals currently has an average rating of “Buy” and an average target price of $31.00.

ARS Pharmaceuticals Stock Performance

The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -26.67 and a beta of 0.84. The company has a 50-day simple moving average of $13.34 and a two-hundred day simple moving average of $12.88.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, hitting the consensus estimate of ($0.35). The company had revenue of $7.97 million for the quarter, compared to analyst estimates of $7.48 million. As a group, sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Karas sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.00, for a total transaction of $140,000.00. Following the transaction, the insider now directly owns 7,696 shares of the company’s stock, valued at approximately $107,744. The trade was a 56.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laura Shawver sold 50,002 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $12.30, for a total value of $615,024.60. Following the transaction, the director now directly owns 210,346 shares in the company, valued at $2,587,255.80. The trade was a 19.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,602 shares of company stock valued at $1,311,041. 33.50% of the stock is owned by insiders.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in SPRY. Alliancebernstein L.P. boosted its stake in ARS Pharmaceuticals by 5,168.4% in the 4th quarter. Alliancebernstein L.P. now owns 3,880,734 shares of the company’s stock valued at $40,942,000 after purchasing an additional 3,807,074 shares during the period. MPM Bioimpact LLC bought a new stake in ARS Pharmaceuticals in the 1st quarter valued at $16,519,000. Alyeska Investment Group L.P. boosted its stake in ARS Pharmaceuticals by 903.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,253,724 shares of the company’s stock valued at $13,227,000 after purchasing an additional 1,128,724 shares during the period. Cormorant Asset Management LP boosted its stake in ARS Pharmaceuticals by 220.0% in the 1st quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company’s stock valued at $20,128,000 after purchasing an additional 1,100,000 shares during the period. Finally, Aberdeen Group plc bought a new stake in ARS Pharmaceuticals in the 1st quarter valued at $12,613,000. 68.16% of the stock is currently owned by 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.