ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Receives Average Rating of “Buy” from Brokerages

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) have been assigned a consensus rating of “Buy” from the six brokerages that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $31.00.

A number of brokerages recently weighed in on SPRY. Raymond James increased their price target on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 14th. Leerink Partners increased their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Scotiabank assumed coverage on ARS Pharmaceuticals in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $30.00 price target on the stock. William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Finally, Oppenheimer assumed coverage on ARS Pharmaceuticals in a research note on Monday, February 10th. They issued an “outperform” rating and a $40.00 target price on the stock.

ARS Pharmaceuticals Stock Performance

Shares of SPRY stock opened at $12.31 on Friday. The stock’s 50-day moving average is $11.93 and its two-hundred day moving average is $13.09. ARS Pharmaceuticals has a 1 year low of $7.55 and a 1 year high of $18.51. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -24.14 and a beta of 1.04.

Insider Activity

In other news, Director Laura Shawver sold 50,000 shares of ARS Pharmaceuticals stock in a transaction on Monday, January 6th. The stock was sold at an average price of $11.10, for a total value of $555,000.00. Following the completion of the sale, the director now owns 210,346 shares of the company’s stock, valued at $2,334,840.60. The trade was a 19.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sarina Tanimoto sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $11.67, for a total transaction of $1,167,000.00. Following the completion of the sale, the insider now owns 1,098,499 shares of the company’s stock, valued at approximately $12,819,483.33. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 276,872 shares of company stock worth $3,222,416. Company insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of hedge funds have recently made changes to their positions in SPRY. US Bancorp DE increased its position in ARS Pharmaceuticals by 11,951.6% during the 3rd quarter. US Bancorp DE now owns 18,680 shares of the company’s stock worth $271,000 after purchasing an additional 18,525 shares in the last quarter. GSA Capital Partners LLP grew its stake in ARS Pharmaceuticals by 67.7% during the third quarter. GSA Capital Partners LLP now owns 98,900 shares of the company’s stock worth $1,434,000 after buying an additional 39,921 shares during the period. Royce & Associates LP increased its position in shares of ARS Pharmaceuticals by 7.1% in the third quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock worth $10,026,000 after acquiring an additional 45,755 shares in the last quarter. First Turn Management LLC acquired a new stake in shares of ARS Pharmaceuticals in the third quarter worth $8,603,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ARS Pharmaceuticals in the 3rd quarter valued at $1,120,000. Institutional investors and hedge funds 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.