ARS Pharmaceuticals (NASDAQ:SPRY) Now Covered by Scotiabank

Scotiabank started coverage on shares of ARS Pharmaceuticals (NASDAQ:SPRY - Free Report) in a report released on Friday, MarketBeat Ratings reports. The brokerage issued a sector outperform rating and a $30.00 price target on the stock.

Several other research firms have also recently commented on SPRY. Raymond James raised their target price on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 14th. William Blair restated an "outperform" rating on shares of ARS Pharmaceuticals in a research note on Monday, March 3rd. 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 note on Monday, January 13th. Finally, Oppenheimer began coverage on shares of ARS Pharmaceuticals in a research note on Monday, February 10th. They issued an "outperform" rating and a $40.00 target price for the company. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $29.00.

ARS Pharmaceuticals Stock Performance

ARS Pharmaceuticals stock traded up $0.06 during midday trading on Friday, hitting $10.85. 1,415,282 shares of the company's stock were exchanged, compared to its average volume of 1,340,513. ARS Pharmaceuticals has a 12-month low of $7.55 and a 12-month high of $18.51. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -21.27 and a beta of 1.03. The firm's 50 day simple moving average is $11.87 and its 200 day simple moving average is $13.12.

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Insider Activity at ARS Pharmaceuticals

In related news, COO Brian Dorsey sold 25,000 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.30, for a total value of $307,500.00. Following the completion of the sale, the chief operating officer now owns 6,024 shares in the company, valued at $74,095.20. This trade represents a 80.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sarina Tanimoto sold 100,000 shares of the firm's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $13.16, for a total transaction of $1,316,000.00. Following the completion of the sale, the insider now owns 1,148,499 shares of the company's stock, valued at $15,114,246.84. This trade represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 401,872 shares of company stock worth $4,845,916 over the last 90 days. Company insiders own 40.10% of the company's stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in ARS Pharmaceuticals by 0.6% during the fourth quarter. Wellington Management Group LLP now owns 163,252 shares of the company's stock worth $1,722,000 after acquiring an additional 917 shares during the last quarter. Rhumbline Advisers raised its position in ARS Pharmaceuticals by 2.9% during the fourth quarter. Rhumbline Advisers now owns 65,163 shares of the company's stock worth $687,000 after acquiring an additional 1,824 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in ARS Pharmaceuticals by 10.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company's stock worth $217,000 after acquiring an additional 1,962 shares during the last quarter. Mariner LLC raised its position in ARS Pharmaceuticals by 5.8% during the fourth quarter. Mariner LLC now owns 35,908 shares of the company's stock worth $379,000 after acquiring an additional 1,972 shares during the last quarter. Finally, LPL Financial LLC raised its position in ARS Pharmaceuticals by 11.4% during the fourth quarter. LPL Financial LLC now owns 21,408 shares of the company's stock worth $226,000 after acquiring an additional 2,190 shares during the last quarter. Institutional investors and hedge funds 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.