ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 52-Week High – Time to Buy?

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) hit a new 52-week high during trading on Tuesday . The company traded as high as $17.04 and last traded at $16.86, with a volume of 19635 shares. The stock had previously closed at $16.72.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Raymond James upgraded shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $18.00 to $22.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. 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. 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Performance

The stock has a market cap of $1.56 billion, a P/E ratio of -30.87 and a beta of 0.91. The business’s 50-day moving average price is $13.80 and its 200-day moving average price is $10.92.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The business had revenue of $0.50 million during the quarter, compared to analyst estimates of $2.00 million. As a group, equities research analysts expect that ARS Pharmaceuticals, Inc. will post -0.66 earnings per share for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, insider Eric Karas sold 10,000 shares of the stock in a transaction on Monday, August 19th. The shares were 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 directly owns 5,693 shares of the company’s stock, valued at $79,702. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Eric Karas sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 5,693 shares of the company’s stock, valued at $79,702. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Richard E. Lowenthal sold 100,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $15.03, for a total value of $1,503,000.00. Following the sale, the chief executive officer now directly owns 1,497,447 shares in the company, valued at $22,506,628.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,055,895 shares of company stock valued at $14,619,032 over the last 90 days. 40.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. J.W. Cole Advisors Inc. bought a new position in shares of ARS Pharmaceuticals during the 1st quarter valued at about $142,000. Capstone Investment Advisors LLC bought a new position in ARS Pharmaceuticals during the first quarter valued at approximately $739,000. GSA Capital Partners LLP grew its holdings in ARS Pharmaceuticals by 11.7% during the 1st quarter. GSA Capital Partners LLP now owns 128,889 shares of the company’s stock valued at $1,317,000 after buying an additional 13,545 shares in the last quarter. SG Americas Securities LLC bought a new stake in ARS Pharmaceuticals in the 1st quarter worth approximately $119,000. Finally, ClariVest Asset Management LLC purchased a new stake in shares of ARS Pharmaceuticals during the 1st quarter worth approximately $2,790,000. 68.16% of the stock is owned by hedge funds and other 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.