ARS Pharmaceuticals (NASDAQ:SPRY) Sees Large Volume Increase – Still a Buy?

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) saw unusually-strong trading volume on Wednesday . Approximately 2,930,969 shares were traded during trading, an increase of 73% from the previous session’s volume of 1,692,701 shares.The stock last traded at $5.6560 and had previously closed at $5.67.

Analysts Set New Price Targets

SPRY has been the subject of a number of research analyst reports. Cantor Fitzgerald lifted their price objective on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Northland Securities began coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price objective on the stock. Leerink Partners decreased their target price on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $28.20.

ARS Pharmaceuticals Stock Down 2.4%

The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94. The company has a market capitalization of $549.63 million, a PE ratio of -2.76 and a beta of 0.95. The firm’s 50-day simple moving average is $8.33 and its 200 day simple moving average is $8.78.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its earnings results on Friday, May 15th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The firm had revenue of $22.68 million during the quarter, compared to analyst estimates of $22.20 million. As a group, equities research analysts forecast that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current year.

Insider Transactions at ARS Pharmaceuticals

In related news, insider Alexander A. Fitzpatrick sold 3,355 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the completion of the sale, the insider owned 90,910 shares of the company’s stock, valued at approximately $909,100. This represents a 3.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Karas sold 25,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $250,000.00. Following the completion of the transaction, the insider owned 12,176 shares of the company’s stock, valued at approximately $121,760. The trade was a 67.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 33.80% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Investment Management Associates Inc. ADV bought a new stake in shares of ARS Pharmaceuticals during the 4th quarter valued at $3,629,000. Creek Drive Management Group LLC bought a new position in ARS Pharmaceuticals during the fourth quarter worth about $3,447,000. UBS Group AG boosted its stake in ARS Pharmaceuticals by 235.0% during the 4th quarter. UBS Group AG now owns 2,210,866 shares of the company’s stock worth $25,757,000 after acquiring an additional 1,550,980 shares during the last quarter. Aberdeen Group plc grew its holdings in ARS Pharmaceuticals by 14.8% during the fourth quarter. Aberdeen Group plc now owns 3,556,049 shares of the company’s stock valued at $41,428,000 after purchasing an additional 459,027 shares during the period. Finally, Rubric Capital Management LP raised its holdings in ARS Pharmaceuticals by 29.0% in the first quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company’s stock worth $64,240,000 after purchasing an additional 1,800,000 shares during the period. Institutional investors and hedge funds 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.