ARS Pharmaceuticals (NASDAQ:SPRY) Trading 7.9% Higher – What’s Next?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price rose 7.9% during mid-day trading on Friday . The stock traded as high as $10.59 and last traded at $10.60. Approximately 265,805 shares changed hands during trading, a decline of 86% from the average daily volume of 1,853,764 shares. The stock had previously closed at $9.82.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPRY shares. Raymond James Financial set a $32.00 price target on shares of ARS Pharmaceuticals in a report on Friday, September 26th. Roth Capital started coverage on shares of ARS Pharmaceuticals in a research report on Tuesday, November 4th. They issued a “buy” rating and a $30.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of ARS Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 20th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.80.

ARS Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 1.14, a current ratio of 6.66 and a quick ratio of 6.51. The firm has a market capitalization of $1.07 billion, a PE ratio of -13.29 and a beta of 0.82. The company’s fifty day simple moving average is $9.34 and its 200 day simple moving average is $12.60.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results 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). The business had revenue of $32.50 million during the quarter, compared to the consensus estimate of $28.87 million. ARS Pharmaceuticals had a negative net margin of 56.06% and a negative return on equity of 38.77%. As a group, equities research analysts expect that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at ARS Pharmaceuticals

In other news, COO Brian Dorsey sold 21,828 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $8.71, for a total value of $190,121.88. Following the completion of the transaction, the chief operating officer directly owned 10,789 shares of the company’s stock, valued at $93,972.19. This trade represents a 66.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Justin Chakma sold 166,380 shares of ARS Pharmaceuticals stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $8.87, for a total value of $1,475,790.60. The disclosure for this sale is available in the SEC filing. Corporate insiders own 33.50% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rubric Capital Management LP grew its stake in ARS Pharmaceuticals by 247.5% during the third quarter. Rubric Capital Management LP now owns 4,500,000 shares of the company’s stock valued at $45,225,000 after acquiring an additional 3,205,122 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of ARS Pharmaceuticals during the 2nd quarter valued at $30,154,000. Casdin Capital LLC purchased a new position in shares of ARS Pharmaceuticals during the 3rd quarter valued at $16,080,000. Aberdeen Group plc increased its holdings in shares of ARS Pharmaceuticals by 106.1% in the third quarter. Aberdeen Group plc now owns 3,097,022 shares of the company’s stock worth $31,125,000 after purchasing an additional 1,594,447 shares during the period. Finally, MPM Bioimpact LLC purchased a new stake in shares of ARS Pharmaceuticals in the first quarter worth $16,519,000. 68.16% of the stock is currently owned by institutional investors.

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.