Analysts Set ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) PT at $31.80

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) have earned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $31.80.

SPRY has been the subject of several research analyst reports. Roth Capital assumed coverage on shares of ARS Pharmaceuticals in a report on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research note on Wednesday, October 8th. Zacks Research raised ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 20th. Finally, Raymond James Financial set a $32.00 price objective on ARS Pharmaceuticals in a research report on Friday, September 26th.

ARS Pharmaceuticals Stock Performance

NASDAQ:SPRY opened at $10.24 on Monday. The company has a quick ratio of 6.51, a current ratio of 6.66 and a debt-to-equity ratio of 1.14. The firm’s fifty day simple moving average is $9.39 and its 200 day simple moving average is $12.70. The stock has a market cap of $1.01 billion, a P/E ratio of -12.64 and a beta of 0.82. ARS Pharmaceuticals has a twelve month low of $6.66 and a twelve month high of $18.90.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.07). The company had revenue of $32.50 million during the quarter, compared to the consensus estimate of $28.87 million. ARS Pharmaceuticals had a negative return on equity of 38.77% and a negative net margin of 56.06%. As a group, research analysts predict that ARS Pharmaceuticals will post -0.55 EPS for the current year.

Insider Activity

In other news, insider Justin Chakma sold 166,380 shares of ARS Pharmaceuticals stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $8.87, for a total transaction of $1,475,790.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Brian Dorsey sold 21,828 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $8.71, for a total value of $190,121.88. Following the completion of the sale, the chief operating officer directly owned 10,789 shares in the company, valued at approximately $93,972.19. This represents a 66.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 33.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SPRY. Dark Forest Capital Management LP purchased a new stake in shares of ARS Pharmaceuticals in the third quarter worth $512,000. XTX Topco Ltd boosted its stake in ARS Pharmaceuticals by 740.3% in the 3rd quarter. XTX Topco Ltd now owns 143,636 shares of the company’s stock worth $1,444,000 after purchasing an additional 126,543 shares in the last quarter. Alyeska Investment Group L.P. grew its position in ARS Pharmaceuticals by 34.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 390,092 shares of the company’s stock valued at $3,920,000 after purchasing an additional 100,000 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in ARS Pharmaceuticals during the 3rd quarter valued at about $10,400,000. Finally, Brevan Howard Capital Management LP purchased a new position in ARS Pharmaceuticals in the third quarter worth about $675,000. Hedge funds and other institutional investors 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.