ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 12-Month High - Here's Why

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.04 and last traded at $16.86, with a volume of 19635 shares traded. The stock had previously closed at $16.72.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SPRY shares. Raymond James upgraded ARS Pharmaceuticals from an "outperform" rating to a "strong-buy" rating and increased their price target for the stock from $18.00 to $22.00 in a report on Tuesday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 target price on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Leerink Partners increased their target price on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an "outperform" rating in a report on Friday, September 20th. Finally, William Blair upgraded ARS Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 30th. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $24.00.

ARS Pharmaceuticals Trading Up 0.4 %

The firm has a market capitalization of $1.63 billion, a PE ratio of -35.72 and a beta of 0.91. The business has a 50-day moving average of $13.73 and a 200 day moving average of $10.87.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.01). The company had revenue of $0.50 million during the quarter, compared to analyst estimates of $2.00 million. On average, sell-side analysts expect that ARS Pharmaceuticals, Inc. will post -0.66 EPS for the current fiscal year.

Insider Activity

In other news, COO Brian Dorsey sold 50,000 shares of the firm's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $15.00, for a total transaction of $750,000.00. Following the completion of the sale, the chief operating officer now directly owns 6,024 shares of the company's stock, valued at $90,360. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Brian Dorsey sold 50,000 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $15.00, for a total value of $750,000.00. Following the completion of the sale, the chief operating officer now owns 6,024 shares of the company's stock, valued at approximately $90,360. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric Karas sold 10,000 shares of ARS Pharmaceuticals stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the sale, the insider now directly owns 5,693 shares of the company's stock, valued at approximately $79,702. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,055,895 shares of company stock valued at $14,619,032 in the last ninety days. 40.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. RA Capital Management L.P. boosted its position in shares of ARS Pharmaceuticals by 14.8% during the 1st quarter. RA Capital Management L.P. now owns 10,860,977 shares of the company's stock valued at $110,999,000 after acquiring an additional 1,401,299 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of ARS Pharmaceuticals by 37.0% during the 1st quarter. Vanguard Group Inc. now owns 2,886,455 shares of the company's stock valued at $29,500,000 after acquiring an additional 779,969 shares during the last quarter. ClariVest Asset Management LLC lifted its position in ARS Pharmaceuticals by 5.4% in the 2nd quarter. ClariVest Asset Management LLC now owns 287,596 shares of the company's stock worth $2,447,000 after buying an additional 14,640 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in ARS Pharmaceuticals by 1,280.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 277,706 shares of the company's stock worth $2,838,000 after buying an additional 257,589 shares during the last quarter. Finally, Raymond James & Associates bought a new stake in ARS Pharmaceuticals in the 3rd quarter worth approximately $2,969,000. 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.