ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 1-Year High - Here's Why

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $18.83 and last traded at $18.83, with a volume of 28273 shares trading hands. The stock had previously closed at $17.04.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Raymond James upgraded shares of ARS Pharmaceuticals from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $18.00 to $22.00 in a research report on Tuesday, August 13th. Leerink Partners lifted their price target on shares of ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an "outperform" rating in a research report on Friday, September 20th. Finally, William Blair raised shares of ARS Pharmaceuticals to a "strong-buy" rating in a research note on Friday, August 30th. Four investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $24.00.

ARS Pharmaceuticals Stock Up 2.6 %

The stock has a market cap of $1.70 billion, a P/E ratio of -39.36 and a beta of 0.90. The stock has a fifty day simple moving average of $14.30 and a 200-day simple moving average of $11.51.

Insider Activity at ARS Pharmaceuticals

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer now owns 1,497,447 shares in the company, valued at $22,506,628.41. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Richard E. Lowenthal sold 100,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $15.03, for a total transaction of $1,503,000.00. Following the transaction, the chief executive officer now owns 1,497,447 shares in the company, valued at $22,506,628.41. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kathleen D. Scott sold 12,500 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $16.00, for a total value of $200,000.00. Following the sale, the chief financial officer now directly owns 4,949 shares of the company's stock, valued at approximately $79,184. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,055,895 shares of company stock worth $14,619,032. 40.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in ARS Pharmaceuticals by 37.0% during the 1st quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company's stock worth $29,500,000 after purchasing an additional 779,969 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of ARS Pharmaceuticals by 861.5% during the second quarter. SG Americas Securities LLC now owns 111,592 shares of the company's stock worth $950,000 after buying an additional 99,986 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of ARS Pharmaceuticals during the third quarter worth about $2,584,000. Bank of New York Mellon Corp raised its position in ARS Pharmaceuticals by 99.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company's stock valued at $1,185,000 after buying an additional 69,394 shares during the last quarter. Finally, Raymond James & Associates bought a new stake in ARS Pharmaceuticals in the 3rd quarter valued at approximately $2,969,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

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.