ARS Pharmaceuticals (NASDAQ:SPRY) Shares Gap Up – Time to Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares gapped up prior to trading on Monday . The stock had previously closed at $11.92, but opened at $12.72. ARS Pharmaceuticals shares last traded at $11.90, with a volume of 109,499 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SPRY. Leerink Partners upped their price target on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Oppenheimer assumed coverage on shares of ARS Pharmaceuticals in a research report on Monday. They set an “outperform” rating and a $40.00 target price on the stock. Finally, Raymond James increased their target price on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 14th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $28.80.

ARS Pharmaceuticals Price Performance

The company has a 50-day moving average price of $12.24 and a 200-day moving average price of $13.19.

Insider Activity

In other news, insider Justin Chakma sold 45,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $13.19, for a total value of $593,550.00. Following the completion of the transaction, the insider now owns 136,380 shares in the company, valued at approximately $1,798,852.20. The trade was a 24.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Brian Dorsey sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $12.30, for a total transaction of $307,500.00. Following the completion of the sale, the chief operating officer now directly owns 6,024 shares of the company’s stock, valued at approximately $74,095.20. This represents a 80.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 617,102 shares of company stock valued at $7,935,840. 40.10% of the stock is owned by insiders.

Institutional Trading of ARS Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company bought a new position in shares of ARS Pharmaceuticals during the second quarter worth $180,000. Creative Planning grew its stake in ARS Pharmaceuticals by 7.0% in the 3rd quarter. Creative Planning now owns 35,263 shares of the company’s stock valued at $511,000 after buying an additional 2,307 shares during the last quarter. nVerses Capital LLC acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at about $30,000. Raymond James & Associates acquired a new position in ARS Pharmaceuticals in the 3rd quarter valued at about $2,969,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of ARS Pharmaceuticals during the 3rd quarter worth approximately $2,584,000. Institutional investors and hedge funds 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.