ARS Pharmaceuticals (NASDAQ:SPRY) Hits New 1-Year High – Still a Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $18.83 and last traded at $18.83, with a volume of 28273 shares changing hands. The stock had previously closed at $17.04.

Wall Street Analysts Forecast Growth

SPRY has been the topic of a number of research reports. Leerink Partners boosted their price objective on ARS Pharmaceuticals from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of ARS Pharmaceuticals in a report on Tuesday, October 8th. Raymond James raised shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $18.00 to $22.00 in a research note on Tuesday, August 13th. Finally, William Blair raised shares of ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Four investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Down 5.0 %

The firm’s fifty day simple moving average is $14.49 and its 200 day simple moving average is $11.64.

Insiders Place Their Bets

In other news, insider Eric Karas sold 10,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the sale, the insider now owns 5,693 shares of the company’s stock, valued at $79,702. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Eric Karas sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider now directly owns 5,693 shares in the company, valued at approximately $79,702. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard E. Lowenthal sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $15.03, for a total transaction of $1,503,000.00. Following the completion of the transaction, the chief executive officer now owns 1,497,447 shares in the company, valued at approximately $22,506,628.41. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,055,895 shares of company stock worth $14,619,032. Corporate insiders own 40.10% of the company’s stock.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC bought a new stake in shares of ARS Pharmaceuticals in the 3rd quarter valued at approximately $30,000. Russell Investments Group Ltd. acquired a new stake in ARS Pharmaceuticals in the first quarter valued at approximately $60,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ARS Pharmaceuticals by 151.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock worth $63,000 after acquiring an additional 4,472 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of ARS Pharmaceuticals during the 2nd quarter worth $87,000. Finally, Paloma Partners Management Co bought a new position in shares of ARS Pharmaceuticals during the 1st quarter valued at $103,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

ARS Pharmaceuticals Company Profile

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.