ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up on Analyst Upgrade

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s share price gapped up before the market opened on Tuesday after Raymond James raised their price target on the stock from $26.00 to $28.00. The stock had previously closed at $11.26, but opened at $11.91. Raymond James currently has a strong-buy rating on the stock. ARS Pharmaceuticals shares last traded at $11.54, with a volume of 102,538 shares traded.

Other research analysts also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Leerink Partners lifted their price target on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Monday. Four analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $26.00.

Insider Buying and Selling

In other ARS Pharmaceuticals news, major shareholder James E. Flynn sold 528,456 shares of ARS Pharmaceuticals stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $18.04, for a total value of $9,533,346.24. Following the sale, the insider now owns 5,274,735 shares of the company's stock, valued at $95,156,219.40. The trade was a 9.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Laura Shawver sold 50,000 shares of the company's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $11.10, for a total value of $555,000.00. Following the sale, the director now directly owns 210,346 shares in the company, valued at $2,334,840.60. This trade represents 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 1,108,058 shares of company stock valued at $17,053,686. Corporate insiders own 40.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in ARS Pharmaceuticals by 189.7% during the third quarter. Barclays PLC now owns 111,666 shares of the company's stock worth $1,618,000 after buying an additional 73,127 shares during the period. Geode Capital Management LLC lifted its holdings in shares of ARS Pharmaceuticals by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company's stock worth $17,909,000 after acquiring an additional 38,927 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of ARS Pharmaceuticals during the 3rd quarter worth about $250,000. Wellington Management Group LLP boosted its stake in shares of ARS Pharmaceuticals by 38.9% during the 3rd quarter. Wellington Management Group LLP now owns 162,335 shares of the company's stock worth $2,354,000 after purchasing an additional 45,452 shares during the period. Finally, Wexford Capital LP bought a new position in ARS Pharmaceuticals during the 3rd quarter valued at about $3,601,000. Hedge funds and other institutional investors own 68.16% of the company's stock.

ARS Pharmaceuticals Trading Up 0.9 %

The company has a market capitalization of $1.10 billion, a PE ratio of -22.27 and a beta of 0.96. The stock's 50-day moving average is $12.95 and its two-hundred day moving average is $12.78.

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.