ARS Pharmaceuticals (NASDAQ:SPRY) Trading 4.9% Higher - Here's What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s stock price was up 4.9% on Wednesday . The company traded as high as $13.04 and last traded at $13.15. 148,434 shares changed hands during trading, a decline of 86% from the average daily volume of 1,076,877 shares. The stock had previously closed at $12.53.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Scotiabank initiated coverage on shares of ARS Pharmaceuticals in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 price target on the stock. Oppenheimer initiated coverage on ARS Pharmaceuticals in a report on Monday, February 10th. They set an "outperform" rating and a $40.00 price objective on the stock. William Blair reiterated an "outperform" rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Leerink Partners boosted their price objective 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. Finally, Raymond James boosted their price target 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 investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ARS Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $31.00.

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ARS Pharmaceuticals Price Performance

The firm has a market cap of $1.26 billion, a PE ratio of -25.17 and a beta of 0.86. The company has a 50 day simple moving average of $12.09 and a 200-day simple moving average of $13.08.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.56. The business had revenue of $86.58 million for the quarter, compared to analysts' expectations of $15.46 million. On average, sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals 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 sale, the insider now directly owns 7,696 shares in the company, valued at approximately $107,744. This trade represents a 56.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laura Shawver sold 49,600 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $11.21, for a total value of $556,016.00. Following the completion of the sale, the director now directly owns 210,346 shares of the company's stock, valued at $2,357,978.66. The trade was a 19.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,600 shares of company stock worth $1,311,516. 40.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. purchased a new position in shares of ARS Pharmaceuticals during the fourth quarter valued at approximately $27,000. KLP Kapitalforvaltning AS bought a new stake in ARS Pharmaceuticals in the fourth quarter worth $73,000. BNP Paribas Financial Markets purchased a new stake in shares of ARS Pharmaceuticals in the fourth quarter worth $75,000. Ball & Co Wealth Management Inc. purchased a new position in shares of ARS Pharmaceuticals in the 4th quarter worth about $105,000. Finally, Compass Capital Corp MA ADV bought a new position in ARS Pharmaceuticals in the 4th quarter worth about $106,000. Institutional investors own 68.16% of the company's stock.

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.