Brokerages Set ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Price Target at $31.00

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) have received an average rating of "Buy" from the six brokerages that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $31.00.

A number of equities analysts have recently weighed in on SPRY shares. Wall Street Zen downgraded ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Scotiabank initiated coverage on shares of ARS Pharmaceuticals in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $30.00 price objective on the stock. Finally, William Blair reiterated an "outperform" rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd.

ARS Pharmaceuticals Trading Up 7.4%

Shares of SPRY traded up $1.09 during midday trading on Monday, hitting $15.91. The stock had a trading volume of 2,727,308 shares, compared to its average volume of 1,305,300. ARS Pharmaceuticals has a fifty-two week low of $7.55 and a fifty-two week high of $18.51. The business has a 50-day simple moving average of $14.29 and a two-hundred day simple moving average of $12.86. The company has a current ratio of 11.00, a quick ratio of 10.74 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.56 billion, a P/E ratio of -99.43 and a beta of 0.84.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.35). The business had revenue of $7.97 million for the quarter, compared to the consensus estimate of $7.48 million. ARS Pharmaceuticals had a negative return on equity of 6.94% and a negative net margin of 16.11%. As a group, equities analysts forecast that ARS Pharmaceuticals will post -0.55 EPS for the current year.

Insider Activity at ARS Pharmaceuticals

In related news, CFO Kathleen D. Scott sold 50,000 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $14.10, for a total transaction of $705,000.00. Following the transaction, the chief financial officer now owns 7,424 shares of the company's stock, valued at approximately $104,678.40. The trade was a 87.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Brent L. Saunders sold 120,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $14.25, for a total value of $1,710,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 322,971 shares of company stock valued at $4,481,888. Corporate insiders own 33.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. grew its holdings in shares of ARS Pharmaceuticals by 1.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,922,805 shares of the company's stock worth $49,349,000 after purchasing an additional 42,071 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of ARS Pharmaceuticals by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 3,488,293 shares of the company's stock worth $43,883,000 after acquiring an additional 23,341 shares in the last quarter. Cormorant Asset Management LP increased its holdings in ARS Pharmaceuticals by 220.0% during the 1st quarter. Cormorant Asset Management LP now owns 1,600,000 shares of the company's stock valued at $20,128,000 after purchasing an additional 1,100,000 shares in the last quarter. MPM Bioimpact LLC acquired a new stake in ARS Pharmaceuticals during the 1st quarter valued at $16,519,000. Finally, Alyeska Investment Group L.P. raised its position in ARS Pharmaceuticals by 903.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,253,724 shares of the company's stock valued at $13,227,000 after purchasing an additional 1,128,724 shares during the last quarter. 68.16% of the stock is 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.