ARS Pharmaceuticals (NASDAQ:SPRY) Shares Up 8% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s stock price rose 8% on Thursday . The stock traded as high as $8.70 and last traded at $8.5350. Approximately 493,047 shares traded hands during trading, a decline of 66% from the average daily volume of 1,452,389 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SPRY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ARS Pharmaceuticals in a report on Wednesday, January 21st. Zacks Research raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Finally, Leerink Partners set a $26.00 price target on shares of ARS Pharmaceuticals and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ARS Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $29.33.

ARS Pharmaceuticals Price Performance

The company has a fifty day simple moving average of $9.27 and a 200 day simple moving average of $9.73. The stock has a market capitalization of $801.35 million, a price-to-earnings ratio of -4.61 and a beta of 0.78. The company has a debt-to-equity ratio of 1.47, a quick ratio of 7.06 and a current ratio of 7.28.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its quarterly earnings results on Monday, March 9th. The company reported ($0.42) earnings per share for the quarter, meeting the consensus estimate of ($0.42). ARS Pharmaceuticals had a negative return on equity of 100.29% and a negative net margin of 203.25%.The company had revenue of $28.09 million during the quarter, compared to analysts’ expectations of $25.58 million. Equities research analysts forecast that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Institutional Trading of ARS Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. raised its holdings in ARS Pharmaceuticals by 16.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,598 shares of the company’s stock worth $98,000 after purchasing an additional 777 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of ARS Pharmaceuticals by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock valued at $56,000 after purchasing an additional 982 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ARS Pharmaceuticals by 3.8% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,994 shares of the company’s stock worth $596,000 after buying an additional 1,234 shares during the period. ProShare Advisors LLC increased its position in shares of ARS Pharmaceuticals by 11.3% during the fourth quarter. ProShare Advisors LLC now owns 15,139 shares of the company’s stock worth $176,000 after buying an additional 1,532 shares during the period. Finally, Belpointe Asset Management LLC raised its stake in ARS Pharmaceuticals by 8.9% during the third quarter. Belpointe Asset Management LLC now owns 18,860 shares of the company’s stock worth $190,000 after buying an additional 1,537 shares during the last quarter. 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.