ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up - Still a Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $10.96, but opened at $11.50. ARS Pharmaceuticals shares last traded at $10.95, with a volume of 188,427 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently commented on SPRY. 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 note on Friday, September 20th. William Blair upgraded ARS Pharmaceuticals to a "strong-buy" rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. 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, ARS Pharmaceuticals has an average rating of "Buy" and a consensus price target of $24.00.

ARS Pharmaceuticals Stock Performance

The firm has a market capitalization of $1.10 billion, a P/E ratio of -22.20 and a beta of 0.88. The stock's 50 day simple moving average is $14.44 and its 200 day simple moving average is $12.42.

Insider Buying and Selling

In other ARS Pharmaceuticals news, CEO Richard E. Lowenthal sold 100,000 shares of the company's stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $13.83, for a total value of $1,383,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,346,494 shares in the company, valued at approximately $18,622,012.02. This represents a 6.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kathleen D. Scott sold 12,500 shares of the company's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $16.00, for a total transaction of $200,000.00. Following the completion of the sale, the chief financial officer now directly owns 4,949 shares of the company's stock, valued at approximately $79,184. This trade represents a 71.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,258,058 shares of company stock valued at $19,369,686 over the last quarter. 40.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Large investors have recently bought and sold shares of the business. State Street Corp increased its holdings in shares of ARS Pharmaceuticals by 10.4% in the 3rd quarter. State Street Corp now owns 2,049,542 shares of the company's stock valued at $29,718,000 after acquiring an additional 193,321 shares during the period. Geode Capital Management LLC boosted its position in ARS Pharmaceuticals by 3.3% during the third quarter. Geode Capital Management LLC now owns 1,234,805 shares of the company's stock valued at $17,909,000 after purchasing an additional 38,927 shares in the last quarter. Royce & Associates LP grew its stake in ARS Pharmaceuticals by 7.1% in the third quarter. Royce & Associates LP now owns 691,455 shares of the company's stock valued at $10,026,000 after purchasing an additional 45,755 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in ARS Pharmaceuticals by 78.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company's stock worth $9,469,000 after purchasing an additional 288,021 shares in the last quarter. Finally, First Turn Management LLC purchased a new stake in shares of ARS Pharmaceuticals during the third quarter valued at about $8,603,000. Institutional investors own 68.16% of the company's stock.

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.