ARS Pharmaceuticals (NASDAQ:SPRY) Earns Overweight Rating from Cantor Fitzgerald

ARS Pharmaceuticals (NASDAQ:SPRY)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $30.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 131.84% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Leerink Partners lifted their price target on ARS Pharmaceuticals from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. Raymond James raised shares of ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $18.00 to $22.00 in a research note on Tuesday, August 13th. Finally, William Blair raised shares of ARS Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ARS Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $22.75.

ARS Pharmaceuticals Stock Performance

Shares of SPRY traded down $0.36 during midday trading on Monday, hitting $12.94. 394,730 shares of the stock were exchanged, compared to its average volume of 732,943. ARS Pharmaceuticals has a 52-week low of $2.55 and a 52-week high of $16.50. The firm has a market cap of $1.25 billion, a P/E ratio of -24.90 and a beta of 0.90. The stock has a fifty day simple moving average of $11.68 and a 200 day simple moving average of $9.88.

ARS Pharmaceuticals (NASDAQ:SPRY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $2.00 million. As a group, equities research analysts forecast that ARS Pharmaceuticals will post -0.66 EPS for the current fiscal year.

Insider Activity

In other ARS Pharmaceuticals news, insider Sarina Tanimoto sold 100,000 shares of ARS Pharmaceuticals stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $9.62, for a total transaction of $962,000.00. Following the completion of the sale, the insider now directly owns 1,496,494 shares in the company, valued at $14,396,272.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Brian Dorsey sold 50,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $15.00, for a total value of $750,000.00. Following the completion of the sale, the chief operating officer now directly owns 6,024 shares in the company, valued at $90,360. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sarina Tanimoto sold 100,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $9.62, for a total value of $962,000.00. Following the transaction, the insider now owns 1,496,494 shares in the company, valued at approximately $14,396,272.28. The disclosure for this sale can be found here. Insiders sold a total of 933,395 shares of company stock worth $12,217,032 over the last quarter. Insiders own 40.10% of the company’s stock.

Institutional Trading of ARS Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of ARS Pharmaceuticals in the 1st quarter valued at approximately $60,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ARS Pharmaceuticals by 151.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock worth $63,000 after acquiring an additional 4,472 shares during the last quarter. Principal Financial Group Inc. purchased a new position in ARS Pharmaceuticals in the second quarter valued at about $87,000. Paloma Partners Management Co acquired a new stake in ARS Pharmaceuticals during the first quarter valued at approximately $103,000. Finally, SG Americas Securities LLC acquired a new stake in ARS Pharmaceuticals during the first quarter valued at approximately $119,000. 68.16% of the stock is currently 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.