ARS Pharmaceuticals (NASDAQ:SPRY) Sees Strong Trading Volume – Time to Buy?

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares saw an uptick in trading volume on Wednesday . Approximately 2,930,969 shares were traded during trading, an increase of 73% from the previous session’s volume of 1,692,701 shares.The stock last traded at $5.6560 and had previously closed at $5.67.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPRY. Wall Street Zen raised ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Leerink Partners decreased their target price on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Weiss Ratings raised shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Cantor Fitzgerald raised their price target on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Finally, Northland Securities initiated coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price target on the stock. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ARS Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $28.20.

ARS Pharmaceuticals Trading Down 3.4%

The stock has a market capitalization of $559.06 million, a PE ratio of -2.80 and a beta of 0.95. The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. The business’s 50-day moving average is $8.24 and its two-hundred day moving average is $8.69.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The company had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $22.20 million. On average, analysts predict that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current year.

Insider Activity

In related news, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. Following the sale, the insider directly owned 12,176 shares in the company, valued at approximately $121,760. This trade represents a 67.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $33,550.00. Following the completion of the transaction, the insider owned 90,910 shares of the company’s stock, valued at approximately $909,100. This represents a 3.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 33.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Torren Management LLC purchased a new position in shares of ARS Pharmaceuticals in the fourth quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. increased its stake in ARS Pharmaceuticals by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,803 shares of the company’s stock worth $56,000 after buying an additional 982 shares during the period. Bessemer Group Inc. increased its stake in ARS Pharmaceuticals by 3,102.1% during the 1st quarter. Bessemer Group Inc. now owns 7,525 shares of the company’s stock worth $61,000 after buying an additional 7,290 shares during the period. Osterweis Capital Management Inc. acquired a new position in ARS Pharmaceuticals in the 4th quarter worth $65,000. Finally, Russell Investments Group Ltd. lifted its holdings in ARS Pharmaceuticals by 197.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company’s stock worth $67,000 after buying an additional 4,427 shares in the last quarter. 68.16% of the stock is owned by institutional investors and hedge funds.

ARS Pharmaceuticals Company Profile

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. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.