ARS Pharmaceuticals (NASDAQ:SPRY) Trading Up 6.6% - Here's Why

Key Points

• ARS Pharmaceuticals shares increased by 6.6% to trade at $10.71, but the trading volume was down significantly, at 187,790 shares compared to the average of 1.77 million shares.
• Analysts have a consensus rating of "Buy" with an average target price of $33.17, although one firm recently downgraded the stock from "hold" to "sell."
• Insider transactions were highlighted, including a sale by CEO Richard E. Lowenthal of 50,000 shares at $14.49 each, which decreased his position by 4.01%.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Get Free Report) shares traded up 6.6% during trading on Wednesday . The company traded as high as $10.38 and last traded at $10.71. 187,790 shares changed hands during trading, a decline of 89% from the average session volume of 1,767,029 shares. The stock had previously closed at $10.05.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SPRY shares. Wall Street Zen cut ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Roth Capital assumed coverage on ARS Pharmaceuticals in a research note on Thursday, September 4th. They issued a "buy" rating and a $40.00 price target for the company. Finally, Raymond James Financial set a $32.00 price target on shares of ARS Pharmaceuticals in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $33.17.

ARS Pharmaceuticals Trading Up 6.8%

The company has a current ratio of 6.17, a quick ratio of 5.98 and a debt-to-equity ratio of 0.37. The company has a market cap of $1.06 billion, a PE ratio of -21.90 and a beta of 0.87. The stock has a 50 day moving average price of $13.36 and a 200 day moving average price of $14.24.

ARS Pharmaceuticals (NASDAQ:SPRY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.05). ARS Pharmaceuticals had a negative return on equity of 21.85% and a negative net margin of 42.74%.The firm had revenue of $15.72 million during the quarter, compared to the consensus estimate of $12.92 million. Sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard E. Lowenthal sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $14.49, for a total transaction of $724,500.00. Following the completion of the transaction, the chief executive officer owned 1,196,494 shares of the company's stock, valued at $17,337,198.06. This trade represents a 4.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kathleen D. Scott sold 12,500 shares of ARS Pharmaceuticals stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $15.00, for a total value of $187,500.00. Following the transaction, the chief financial officer owned 10,042 shares of the company's stock, valued at $150,630. The trade was a 55.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,500 shares of company stock valued at $1,615,759 over the last quarter. Corporate insiders own 33.50% of the company's stock.

Institutional Trading of ARS Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of SPRY. ANTIPODES PARTNERS Ltd bought a new position in shares of ARS Pharmaceuticals in the first quarter worth approximately $37,000. PNC Financial Services Group Inc. lifted its position in ARS Pharmaceuticals by 78,100.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,910 shares of the company's stock valued at $49,000 after acquiring an additional 3,905 shares in the last quarter. Osaic Holdings Inc. boosted its stake in ARS Pharmaceuticals by 52.8% during the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company's stock valued at $91,000 after purchasing an additional 1,803 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of ARS Pharmaceuticals by 16.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,598 shares of the company's stock worth $98,000 after purchasing an additional 777 shares in the last quarter. Finally, RiverPark Advisors LLC purchased a new position in shares of ARS Pharmaceuticals in the second quarter worth $100,000. 68.16% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.