Janney Montgomery Scott LLC Purchases 421,511 Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

Janney Montgomery Scott LLC raised its holdings in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY - Free Report) by 1,552.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 448,669 shares of the company's stock after purchasing an additional 421,511 shares during the quarter. Janney Montgomery Scott LLC owned 0.46% of ARS Pharmaceuticals worth $5,644,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in SPRY. Bernard Wealth Management Corp. purchased a new position in shares of ARS Pharmaceuticals in the 4th quarter worth approximately $27,000. GAMMA Investing LLC lifted its position in ARS Pharmaceuticals by 4,319.7% in the first quarter. GAMMA Investing LLC now owns 3,359 shares of the company's stock worth $420,000 after buying an additional 3,283 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in ARS Pharmaceuticals during the fourth quarter worth $73,000. BNP Paribas Financial Markets bought a new position in ARS Pharmaceuticals during the fourth quarter valued at $75,000. Finally, Ball & Co Wealth Management Inc. purchased a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at $105,000. 68.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ARS Pharmaceuticals

In related news, Director Laura Shawver sold 50,002 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $12.30, for a total value of $615,024.60. Following the completion of the sale, the director now directly owns 210,346 shares of the company's stock, valued at $2,587,255.80. This represents a 19.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexander A. Fitzpatrick sold 102,969 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $14.10, for a total transaction of $1,451,862.90. Following the transaction, the insider now owns 89,613 shares in the company, valued at approximately $1,263,543.30. The trade was a 53.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 337,971 shares of company stock worth $4,721,888. Company insiders own 33.50% of the company's stock.

ARS Pharmaceuticals Trading Up 4.8%

SPRY stock traded up $0.82 during trading on Thursday, hitting $18.08. The company had a trading volume of 1,802,497 shares, compared to its average volume of 1,324,391. ARS Pharmaceuticals, Inc. has a 52-week low of $7.89 and a 52-week high of $18.51. The company has a 50 day simple moving average of $14.56 and a 200-day simple moving average of $12.99. The firm has a market capitalization of $1.78 billion, a P/E ratio of -112.99 and a beta of 0.84. The company has a quick ratio of 10.74, a current ratio of 11.00 and a debt-to-equity ratio of 0.30.

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

Analysts Set New Price Targets

SPRY has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of ARS Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Scotiabank assumed 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 for the company. Finally, William Blair reaffirmed an "outperform" rating on shares of ARS Pharmaceuticals in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

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.