ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up Following Earnings Beat

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $11.65, but opened at $12.30. ARS Pharmaceuticals shares last traded at $13.91, with a volume of 1,722,059 shares trading hands.

The company reported $0.52 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.56. The firm had revenue of $86.58 million for the quarter, compared to analysts' expectations of $15.46 million.

Analysts Set New Price Targets

Several equities analysts have weighed in on SPRY shares. Oppenheimer started coverage on ARS Pharmaceuticals in a research report on Monday, February 10th. They set an "outperform" rating and a $40.00 price target for the company. Scotiabank started coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They set a "sector outperform" rating and a $30.00 price objective for the company. Leerink Partners boosted their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Monday, January 13th. William Blair reaffirmed an "outperform" rating on shares of ARS Pharmaceuticals in a research note on Monday, March 3rd. Finally, 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. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, ARS Pharmaceuticals has a consensus rating of "Buy" and a consensus target price of $31.00.

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Insider Transactions at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Eric Karas sold 10,000 shares of the company's 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 transaction, the insider now owns 7,696 shares in the company, valued at $107,744. This represents a 56.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Laura Shawver sold 50,000 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.31, for a total transaction of $615,500.00. Following the completion of the transaction, the director now owns 210,346 shares of the company's stock, valued at $2,589,359.26. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 159,600 shares of company stock worth $1,866,516 in the last three months. Company insiders own 40.10% of the company's stock.

Institutional Trading of ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bernard Wealth Management Corp. acquired a new stake in ARS Pharmaceuticals during the 4th quarter valued at approximately $27,000. KLP Kapitalforvaltning AS purchased a new position in shares of ARS Pharmaceuticals during the 4th quarter valued at approximately $73,000. BNP Paribas Financial Markets acquired a new stake in shares of ARS Pharmaceuticals during the fourth quarter worth approximately $75,000. Compass Capital Corp MA ADV bought a new stake in shares of ARS Pharmaceuticals in the fourth quarter worth $106,000. Finally, Ball & Co Wealth Management Inc. acquired a new stake in ARS Pharmaceuticals in the fourth quarter valued at $105,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

ARS Pharmaceuticals Trading Up 4.3 %

The stock has a market capitalization of $1.25 billion, a P/E ratio of -25.27 and a beta of 1.03. The stock's 50 day simple moving average is $12.10 and its 200 day simple moving average is $13.06.

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.