ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 5.4% – Should You Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price traded up 5.4% on Monday . The company traded as high as $15.19 and last traded at $14.84. 533,700 shares traded hands during trading, a decline of 59% from the average session volume of 1,312,863 shares. The stock had previously closed at $14.08.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SPRY. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. Raymond James boosted their price objective on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 14th. Finally, Leerink Partners boosted their price target on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Four equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $26.00.

ARS Pharmaceuticals Stock Up 5.1 %

The business has a 50 day moving average price of $12.46 and a two-hundred day moving average price of $13.01. The stock has a market cap of $1.44 billion, a P/E ratio of -28.95 and a beta of 0.96.

Insider Activity

In other news, major shareholder James E. Flynn sold 528,456 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the completion of the transaction, the insider now directly owns 5,274,735 shares in the company, valued at approximately $95,156,219.40. This represents a 9.11 % 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, COO Brian Dorsey sold 25,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $12.30, for a total transaction of $307,500.00. Following the sale, the chief operating officer now directly owns 6,024 shares in the company, valued at approximately $74,095.20. The trade was a 80.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,095,558 shares of company stock worth $16,853,686 over the last quarter. Insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPRY. First Turn Management LLC purchased a new stake in ARS Pharmaceuticals in the 3rd quarter worth about $8,603,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of ARS Pharmaceuticals by 78.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock worth $9,469,000 after acquiring an additional 288,021 shares during the last quarter. Miura Global Management LLC purchased a new position in ARS Pharmaceuticals during the 3rd quarter valued at $3,915,000. Wexford Capital LP bought a new position in ARS Pharmaceuticals in the 3rd quarter valued at $3,601,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ARS Pharmaceuticals by 766.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock worth $3,401,000 after purchasing an additional 207,456 shares during the period. 68.16% of the stock is currently owned by hedge funds and other 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.