ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up – Still a Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up prior to trading on Thursday . The stock had previously closed at $10.96, but opened at $11.50. ARS Pharmaceuticals shares last traded at $10.95, with a volume of 188,427 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research report on Tuesday, October 8th. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Finally, Leerink Partners increased their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Four analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ARS Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Price Performance

The firm’s 50 day simple moving average is $14.44 and its 200-day simple moving average is $12.42. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -21.92 and a beta of 0.88.

Insider Activity at ARS Pharmaceuticals

In related news, CEO Richard E. Lowenthal sold 100,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $13.83, for a total value of $1,383,000.00. Following the completion of the sale, the chief executive officer now owns 1,346,494 shares in the company, valued at $18,622,012.02. This represents a 6.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Laura Shawver sold 14,772 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $13.75, for a total transaction of $203,115.00. Following the sale, the director now owns 210,346 shares of the company’s stock, valued at approximately $2,892,257.50. This represents a 6.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,258,058 shares of company stock valued at $19,369,686 in the last three months. 40.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in SPRY. First Turn Management LLC acquired a new stake in ARS Pharmaceuticals during the 3rd quarter worth approximately $8,603,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of ARS Pharmaceuticals by 78.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock worth $9,469,000 after purchasing an additional 288,021 shares during the period. Miura Global Management LLC acquired a new stake in shares of ARS Pharmaceuticals during the third quarter worth $3,915,000. Wexford Capital LP purchased a new position in ARS Pharmaceuticals in the 3rd quarter valued at $3,601,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ARS Pharmaceuticals by 766.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock valued at $3,401,000 after buying an additional 207,456 shares during the period. 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.