ARS Pharmaceuticals (NASDAQ:SPRY) Price Target Raised to $28.00

ARS Pharmaceuticals (NASDAQ:SPRY) had its price objective raised by Raymond James from $26.00 to $28.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

A number of other brokerages have also recently issued reports on SPRY. Leerink Partners increased their target price on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of ARS Pharmaceuticals in a research note on Tuesday, October 8th. Four investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ARS Pharmaceuticals has an average rating of “Buy” and an average price target of $26.00.

ARS Pharmaceuticals Price Performance

Shares of NASDAQ:SPRY opened at $12.18 on Tuesday. The business’s fifty day moving average price is $12.80 and its two-hundred day moving average price is $12.79. ARS Pharmaceuticals has a fifty-two week low of $5.81 and a fifty-two week high of $18.51. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -23.88 and a beta of 0.96.

Insider Buying and Selling at ARS Pharmaceuticals

In related news, major shareholder James E. Flynn sold 528,456 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $18.04, for a total value of $9,533,346.24. Following the completion of the sale, the insider now owns 5,274,735 shares of the company’s stock, valued at $95,156,219.40. This trade represents a 9.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Brian Dorsey sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.30, for a total transaction of $307,500.00. Following the completion of the transaction, the chief operating officer now owns 6,024 shares of the company’s stock, valued at $74,095.20. This trade represents a 80.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,095,558 shares of company stock worth $16,853,686. 40.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in ARS Pharmaceuticals by 99.3% in the second quarter. Bank of New York Mellon Corp now owns 139,285 shares of the company’s stock valued at $1,185,000 after purchasing an additional 69,394 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of ARS Pharmaceuticals during the 2nd quarter worth about $87,000. Rhumbline Advisers increased its stake in shares of ARS Pharmaceuticals by 78.0% in the 2nd quarter. Rhumbline Advisers now owns 65,942 shares of the company’s stock valued at $561,000 after acquiring an additional 28,888 shares during the last quarter. American Century Companies Inc. raised its position in shares of ARS Pharmaceuticals by 20.7% in the 2nd quarter. American Century Companies Inc. now owns 97,803 shares of the company’s stock valued at $832,000 after acquiring an additional 16,761 shares during the period. Finally, J.W. Cole Advisors Inc. boosted its stake in ARS Pharmaceuticals by 10.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 15,400 shares of the company’s stock worth $131,000 after acquiring an additional 1,500 shares during the last quarter. 68.16% of the stock is currently owned by 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.