ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 8.3% – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price rose 8.3% during mid-day trading on Monday . The stock traded as high as $10.45 and last traded at $10.4550. 399,196 shares traded hands during trading, a decline of 74% from the average daily volume of 1,546,506 shares. The stock had previously closed at $9.65.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Northland Securities started coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 price target on the stock. Leerink Partners set a $26.00 target price on shares of ARS Pharmaceuticals and gave the company an “outperform” rating in a research note on Tuesday, March 10th. Weiss Ratings upgraded shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Zacks Research raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. Finally, Cantor Fitzgerald boosted their price target 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. 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. According to data from MarketBeat.com, ARS Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $28.60.

ARS Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $8.65 and a 200-day simple moving average of $9.36. The stock has a market cap of $1.05 billion, a P/E ratio of -5.25 and a beta of 0.94. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its earnings results on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.08). The firm had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. On average, equities analysts expect that ARS Pharmaceuticals, Inc. will post -1.89 earnings per share for the current year.

Insider Activity

In other ARS Pharmaceuticals news, insider Eric Karas sold 25,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the completion of the sale, the insider owned 12,176 shares in the company, valued at $121,760. This trade represents a 67.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of ARS Pharmaceuticals stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $33,550.00. Following the transaction, the insider owned 90,910 shares of the company’s stock, valued at $909,100. The trade was a 3.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 33.80% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of ARS Pharmaceuticals by 1,075.3% during the first quarter. Royal Bank of Canada now owns 18,547 shares of the company’s stock worth $234,000 after acquiring an additional 16,969 shares during the period. AQR Capital Management LLC acquired a new stake in ARS Pharmaceuticals during the 1st quarter worth approximately $140,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in ARS Pharmaceuticals by 13.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 279,840 shares of the company’s stock valued at $3,520,000 after purchasing an additional 32,526 shares during the period. JPMorgan Chase & Co. increased its position in ARS Pharmaceuticals by 7.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 34,560 shares of the company’s stock worth $603,000 after buying an additional 2,357 shares during the period. Finally, Legal & General Group Plc increased its position in ARS Pharmaceuticals by 55.1% during the 2nd quarter. Legal & General Group Plc now owns 54,825 shares of the company’s stock worth $957,000 after buying an additional 19,484 shares during the period. 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.