Analysts Set ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) Target Price at $22.75

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) has been assigned an average rating of “Buy” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $22.75.

A number of equities research analysts have recently commented on the company. William Blair raised ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Leerink Partners increased their price objective on shares of ARS Pharmaceuticals from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Raymond James raised shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $18.00 to $22.00 in a report on Tuesday, August 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of ARS Pharmaceuticals in a report on Monday.

Insiders Place Their Bets

In other news, insider Sarina Tanimoto sold 100,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $9.62, for a total value of $962,000.00. Following the transaction, the insider now directly owns 1,496,494 shares in the company, valued at approximately $14,396,272.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other ARS Pharmaceuticals news, insider Eric Karas sold 10,000 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $14.00, for a total value of $140,000.00. Following the completion of the sale, the insider now owns 5,693 shares in the company, valued at approximately $79,702. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sarina Tanimoto sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $9.62, for a total value of $962,000.00. Following the sale, the insider now directly owns 1,496,494 shares in the company, valued at $14,396,272.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 933,395 shares of company stock valued at $12,217,032. 40.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company bought a new stake in ARS Pharmaceuticals in the 2nd quarter worth approximately $180,000. Renaissance Technologies LLC grew its holdings in shares of ARS Pharmaceuticals by 884.9% in the second quarter. Renaissance Technologies LLC now owns 124,100 shares of the company’s stock valued at $1,056,000 after purchasing an additional 111,500 shares in the last quarter. J.W. Cole Advisors Inc. increased its position in ARS Pharmaceuticals by 10.8% in the second quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock worth $131,000 after purchasing an additional 1,500 shares during the last quarter. American Century Companies Inc. raised its position in shares of ARS Pharmaceuticals by 20.7% during the 2nd quarter. American Century Companies Inc. now owns 97,803 shares of the company’s stock valued at $832,000 after buying an additional 16,761 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its position in ARS Pharmaceuticals by 5.4% during the second quarter. ClariVest Asset Management LLC now owns 287,596 shares of the company’s stock valued at $2,447,000 after purchasing an additional 14,640 shares during the period. Institutional investors own 68.16% of the company’s stock.

ARS Pharmaceuticals Price Performance

NASDAQ:SPRY opened at $14.05 on Friday. ARS Pharmaceuticals has a one year low of $2.55 and a one year high of $16.50. The company’s 50-day simple moving average is $11.81 and its 200 day simple moving average is $9.94. The firm has a market capitalization of $1.36 billion, a P/E ratio of -27.21 and a beta of 0.90.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The company had revenue of $0.50 million during the quarter, compared to the consensus estimate of $2.00 million. On average, equities research analysts expect that ARS Pharmaceuticals will post -0.66 earnings per share for the current fiscal year.

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.