ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 5.8% - Time to Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares rose 5.8% during mid-day trading on Wednesday . The stock traded as high as $12.09 and last traded at $12.20. Approximately 265,361 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,310,013 shares. The stock had previously closed at $11.53.

Wall Street Analysts Forecast Growth

SPRY has been the topic of several research analyst reports. Leerink Partners raised their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Monday, January 13th. Scotiabank started coverage on shares of ARS Pharmaceuticals in a research report on Friday, March 7th. They set a "sector outperform" rating and a $30.00 price target on the stock. Oppenheimer started coverage on shares of ARS Pharmaceuticals in a research report on Monday, February 10th. They set an "outperform" rating and a $40.00 price target on the stock. William Blair reaffirmed an "outperform" rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Raymond James lifted 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 research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ARS Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $31.00.

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ARS Pharmaceuticals Price Performance

The business's 50-day moving average price is $11.97 and its 200 day moving average price is $13.07. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -23.27 and a beta of 1.04.

Insider Transactions at ARS Pharmaceuticals

In other news, Director Laura Shawver sold 50,000 shares of the business'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 transaction, the director now directly owns 210,346 shares of the company's stock, valued at approximately $2,589,359.26. The trade was a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $11.67, for a total transaction of $1,167,000.00. Following the completion of the sale, the insider now owns 1,098,499 shares of the company's stock, valued at approximately $12,819,483.33. This trade represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 249,600 shares of company stock valued at $2,893,516. Corporate insiders own 40.10% of the company's stock.

Institutional Trading of ARS Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bernard Wealth Management Corp. bought a new stake in shares of ARS Pharmaceuticals in the fourth quarter worth $27,000. KLP Kapitalforvaltning AS bought a new stake in shares of ARS Pharmaceuticals in the fourth quarter worth $73,000. BNP Paribas Financial Markets bought a new stake in ARS Pharmaceuticals during the fourth quarter valued at $75,000. Compass Capital Corp MA ADV bought a new stake in ARS Pharmaceuticals during the fourth quarter valued at $106,000. Finally, Ball & Co Wealth Management Inc. bought a new stake in ARS Pharmaceuticals during the fourth quarter valued at $105,000. 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.