ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up to $8.21

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up prior to trading on Tuesday . The stock had previously closed at $8.21, but opened at $8.44. ARS Pharmaceuticals shares last traded at $8.56, with a volume of 50,615 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. William Blair raised shares of ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 20th. Wedbush reissued an “outperform” rating and set a $19.00 price target on shares of ARS Pharmaceuticals in a report on Monday, March 11th. SVB Leerink raised ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $6.00 to $18.00 in a research report on Tuesday, March 5th. Finally, Leerink Partnrs raised shares of ARS Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 5th.

ARS Pharmaceuticals Trading Up 6.2 %

The stock has a fifty day moving average of $8.77 and a two-hundred day moving average of $6.34.

ARS Pharmaceuticals (NASDAQ:SPRY) last announced its earnings results on Thursday, March 21st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.07. Analysts expect that ARS Pharmaceuticals, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. purchased 505,954 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were bought at an average price of $9.79 per share, for a total transaction of $4,953,289.66. Following the acquisition, the director now directly owns 9,958,073 shares in the company, valued at $97,489,534.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Ra Capital Management, L.P. acquired 505,954 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were bought at an average cost of $9.79 per share, for a total transaction of $4,953,289.66. Following the acquisition, the director now directly owns 9,958,073 shares in the company, valued at approximately $97,489,534.67. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard E. Lowenthal sold 100,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $9.28, for a total transaction of $928,000.00. Following the transaction, the chief executive officer now directly owns 1,646,494 shares in the company, valued at $15,279,464.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 503,260 shares of company stock worth $4,612,480. 35.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its holdings in ARS Pharmaceuticals by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 4,098,497 shares of the company’s stock valued at $22,460,000 after purchasing an additional 229,988 shares in the last quarter. AJOVista LLC acquired a new stake in ARS Pharmaceuticals during the 4th quarter valued at approximately $43,000. Nisa Investment Advisors LLC grew its position in shares of ARS Pharmaceuticals by 22,300.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the company’s stock worth $31,000 after buying an additional 5,575 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in ARS Pharmaceuticals by 352.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,105 shares of the company’s stock worth $61,000 after acquiring an additional 8,652 shares in the last quarter. Finally, Denali Advisors LLC bought a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth about $480,000. 68.16% of the stock is owned by hedge funds and other 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.