ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up – Here’s What Happened

Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) gapped up prior to trading on Thursday . The stock had previously closed at $10.96, but opened at $11.50. ARS Pharmaceuticals shares last traded at $10.95, with a volume of 188,427 shares.

Analyst Upgrades and Downgrades

SPRY has been the subject of a number of research analyst reports. Leerink Partners lifted their price target on shares of 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 restated an “overweight” rating and set a $30.00 target price on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Finally, William Blair upgraded 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 given a strong buy rating to the stock. According to data from MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $24.00.

ARS Pharmaceuticals Stock Up 1.6 %

The company has a 50 day simple moving average of $14.49 and a two-hundred day simple moving average of $12.42. The company has a market capitalization of $1.08 billion, a P/E ratio of -21.84 and a beta of 0.88.

Insider Activity

In other ARS Pharmaceuticals news, CFO Kathleen D. Scott sold 12,500 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $16.00, for a total transaction of $200,000.00. Following the transaction, the chief financial officer now directly owns 4,949 shares in the company, valued at $79,184. This represents a 71.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder James E. Flynn sold 528,456 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $18.04, for a total transaction of $9,533,346.24. Following the completion of the sale, the insider now directly owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. The trade was a 9.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,158,058 shares of company stock valued at $18,202,686. 40.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

Large investors have recently bought and sold shares of the business. First Turn Management LLC purchased a new position in shares of ARS Pharmaceuticals in the 3rd quarter valued at $8,603,000. Jacobs Levy Equity Management Inc. grew its stake in ARS Pharmaceuticals by 78.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 653,048 shares of the company’s stock valued at $9,469,000 after purchasing an additional 288,021 shares during the last quarter. Miura Global Management LLC acquired a new position in shares of ARS Pharmaceuticals in the third quarter valued at about $3,915,000. Wexford Capital LP purchased a new position in shares of ARS Pharmaceuticals in the third quarter worth about $3,601,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in ARS Pharmaceuticals by 766.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock valued at $3,401,000 after buying an additional 207,456 shares during the last quarter. Institutional investors own 68.16% of the company’s stock.

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.