ARS Pharmaceuticals (NASDAQ:SPRY) Upgraded at Raymond James

ARS Pharmaceuticals (NASDAQ:SPRY) was upgraded by research analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a report issued on Tuesday, August 13th, Marketbeat reports. The brokerage presently has a $22.00 price target on the stock, up from their prior price target of $18.00. Raymond James’ target price indicates a potential upside of 66.67% from the company’s current price.

Separately, Leerink Partners boosted their price objective on shares of ARS Pharmaceuticals from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, August 12th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.75.

ARS Pharmaceuticals Price Performance

Shares of ARS Pharmaceuticals stock traded up $0.24 on Tuesday, hitting $13.20. The company had a trading volume of 876,687 shares, compared to its average volume of 715,928. The stock has a 50-day moving average of $10.43 and a 200-day moving average of $9.36. ARS Pharmaceuticals has a twelve month low of $2.55 and a twelve month high of $16.50. The firm has a market capitalization of $1.28 billion, a P/E ratio of -24.92 and a beta of 0.87.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The business had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $2.00 million. Equities analysts predict that ARS Pharmaceuticals will post -0.66 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Richard E. Lowenthal sold 4,138 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $9.00, for a total value of $37,242.00. Following the transaction, the chief executive officer now directly owns 1,594,328 shares in the company, valued at $14,348,952. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Richard E. Lowenthal sold 4,138 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $9.00, for a total transaction of $37,242.00. Following the completion of the transaction, the chief executive officer now directly owns 1,594,328 shares in the company, valued at approximately $14,348,952. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kathleen D. Scott sold 12,500 shares of ARS Pharmaceuticals stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $200,000.00. Following the sale, the chief financial officer now owns 13,199 shares of the company’s stock, valued at $211,184. The disclosure for this sale can be found here. Insiders have sold 949,700 shares of company stock valued at $12,043,376 over the last ninety days. Company insiders own 40.10% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company acquired a new position in ARS Pharmaceuticals in the second quarter valued at $180,000. Renaissance Technologies LLC lifted its holdings in shares of ARS Pharmaceuticals by 884.9% in the 2nd quarter. Renaissance Technologies LLC now owns 124,100 shares of the company’s stock valued at $1,056,000 after purchasing an additional 111,500 shares during the last quarter. J.W. Cole Advisors Inc. boosted its position in shares of ARS Pharmaceuticals by 10.8% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock valued at $131,000 after purchasing an additional 1,500 shares during the period. American Century Companies Inc. grew its stake in ARS Pharmaceuticals by 20.7% during the 2nd quarter. American Century Companies Inc. now owns 97,803 shares of the company’s stock worth $832,000 after buying an additional 16,761 shares during the last quarter. Finally, ClariVest Asset Management LLC increased its position in ARS Pharmaceuticals by 5.4% during the second quarter. ClariVest Asset Management LLC now owns 287,596 shares of the company’s stock worth $2,447,000 after buying an additional 14,640 shares during the period. 68.16% of the stock is currently owned by hedge funds and other 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.