ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up – What’s Next?

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up before the market opened on Monday . The stock had previously closed at $8.85, but opened at $10.00. ARS Pharmaceuticals shares last traded at $9.9640, with a volume of 863,109 shares trading hands.

Analysts Set New Price Targets

SPRY has been the subject of a number of analyst reports. Zacks Research cut shares of ARS Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Wall Street Zen downgraded shares of ARS Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of ARS Pharmaceuticals in a report on Wednesday, October 8th. Raymond James Financial set a $32.00 price objective on ARS Pharmaceuticals in a research note on Friday, September 26th. Finally, Roth Capital began coverage on ARS Pharmaceuticals in a research report on Tuesday, November 4th. They set a “buy” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.80.

ARS Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.98 and a current ratio of 6.17. The company has a market capitalization of $843.02 million, a P/E ratio of -17.46 and a beta of 0.83. The firm’s fifty day moving average is $9.97 and its 200 day moving average is $13.57.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.07). ARS Pharmaceuticals had a negative net margin of 42.74% and a negative return on equity of 21.85%. As a group, analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Activity at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 37,656 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.09, for a total transaction of $530,573.04. Following the sale, the insider owned 1,247,447 shares of the company’s stock, valued at approximately $17,576,528.23. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard E. Lowenthal sold 50,000 shares of the business’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $14.49, for a total value of $724,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,196,494 shares of the company’s stock, valued at approximately $17,337,198.06. The trade was a 4.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 112,500 shares of company stock worth $1,615,759 over the last three months. 33.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. grew its holdings in shares of ARS Pharmaceuticals by 1.1% during the first quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company’s stock valued at $49,349,000 after buying an additional 42,071 shares during the last quarter. Octagon Capital Advisors LP acquired a new stake in ARS Pharmaceuticals during the 1st quarter valued at approximately $7,862,000. Trexquant Investment LP raised its holdings in shares of ARS Pharmaceuticals by 78.2% during the first quarter. Trexquant Investment LP now owns 100,769 shares of the company’s stock worth $1,268,000 after purchasing an additional 44,206 shares during the last quarter. Knights of Columbus Asset Advisors LLC lifted its position in ARS Pharmaceuticals by 57.8% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 68,094 shares of the company’s stock valued at $1,188,000 after purchasing an additional 24,950 shares during the period. Finally, Harbour Capital Advisors LLC boosted its holdings in ARS Pharmaceuticals by 102.3% in the second quarter. Harbour Capital Advisors LLC now owns 57,950 shares of the company’s stock valued at $971,000 after purchasing an additional 29,300 shares during the last quarter. 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.