ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Receives Consensus Recommendation of “Buy” from Brokerages

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) has been assigned an average recommendation of “Buy” from the six research firms that are presently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $31.00.

Several brokerages have recently issued reports on SPRY. William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a report on Monday, March 3rd. Scotiabank started coverage on ARS Pharmaceuticals in a report on Friday, March 7th. They set a “sector outperform” rating and a $30.00 price objective on the stock. Leerink Partners increased their target price on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, January 13th. Oppenheimer started coverage on shares of ARS Pharmaceuticals in a research note on Monday, February 10th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, Raymond James lifted their price objective on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 14th.

Insider Activity

In other news, Director Laura Shawver sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.31, for a total transaction of $615,500.00. Following the transaction, the director now owns 210,346 shares of the company’s stock, valued at approximately $2,589,359.26. This represents a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric Karas sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was 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 owns 7,696 shares in the company, valued at approximately $107,744. The trade was a 56.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,602 shares of company stock valued at $1,926,541. 40.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers boosted its position in ARS Pharmaceuticals by 7.1% in the 1st quarter. Rhumbline Advisers now owns 69,766 shares of the company’s stock valued at $878,000 after buying an additional 4,603 shares during the period. GAMMA Investing LLC boosted its holdings in shares of ARS Pharmaceuticals by 4,319.7% in the first quarter. GAMMA Investing LLC now owns 3,359 shares of the company’s stock valued at $420,000 after purchasing an additional 3,283 shares during the period. Wellington Management Group LLP grew its stake in ARS Pharmaceuticals by 0.6% in the fourth quarter. Wellington Management Group LLP now owns 163,252 shares of the company’s stock worth $1,722,000 after purchasing an additional 917 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in ARS Pharmaceuticals by 4.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 60,294 shares of the company’s stock worth $636,000 after purchasing an additional 2,670 shares in the last quarter. Finally, Bernard Wealth Management Corp. purchased a new position in ARS Pharmaceuticals during the 4th quarter worth $27,000. 68.16% of the stock is currently owned by institutional investors.

ARS Pharmaceuticals Trading Down 3.9 %

NASDAQ SPRY opened at $12.33 on Wednesday. ARS Pharmaceuticals has a 12 month low of $7.55 and a 12 month high of $18.51. The stock has a market cap of $1.21 billion, a PE ratio of -24.18 and a beta of 0.86. The stock’s 50 day moving average is $11.96 and its 200 day moving average is $13.04.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its earnings results on Thursday, March 20th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.56. The company had revenue of $86.58 million for the quarter, compared to the consensus estimate of $15.46 million. On average, analysts forecast that ARS Pharmaceuticals will post -0.55 EPS for the current fiscal year.

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.