ARS Pharmaceuticals (NASDAQ:SPRY) Stock Price Up 8.3% – Here’s Why

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

Analyst Ratings Changes

Several analysts have commented on SPRY shares. Zacks Research raised ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Northland Securities began coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price target for the company. Wall Street Zen raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Cantor Fitzgerald upped their price objective on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.60.

ARS Pharmaceuticals Trading Up 7.3%

The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. The business has a 50 day moving average price of $8.57 and a 200-day moving average price of $9.35. The firm has a market capitalization of $1.03 billion, a PE ratio of -5.16 and a beta of 0.94.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $22.20 million. Analysts expect that ARS Pharmaceuticals, Inc. will post -1.89 earnings per share for the current year.

Insider Buying and Selling at ARS Pharmaceuticals

In other ARS Pharmaceuticals news, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction 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 sale, the insider directly owned 90,910 shares in the company, valued at approximately $909,100. The trade was a 3.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider owned 12,176 shares of the company’s stock, valued at $121,760. This represents a 67.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several institutional investors have recently modified their holdings of SPRY. Bamco Inc. NY boosted its position in ARS Pharmaceuticals by 3,071.3% during the third quarter. Bamco Inc. NY now owns 1,268,532 shares of the company’s stock worth $12,749,000 after purchasing an additional 1,228,532 shares in the last quarter. Casdin Capital LLC purchased a new position in shares of ARS Pharmaceuticals in the third quarter valued at $16,080,000. Investment Management Associates Inc. ADV acquired a new position in shares of ARS Pharmaceuticals during the 4th quarter worth $3,629,000. UBS Group AG raised its stake in shares of 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 buying an additional 1,550,980 shares during the last quarter. Finally, Aberdeen Group plc boosted its position in shares of ARS Pharmaceuticals by 14.8% in the 4th quarter. Aberdeen Group plc now owns 3,556,049 shares of the company’s stock worth $41,428,000 after buying an additional 459,027 shares in 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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.