ARS Pharmaceuticals (NASDAQ:SPRY) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of ARS Pharmaceuticals (NASDAQ:SPRY) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage issued a sector outperform rating and a $30.00 price target on the stock.

SPRY has been the topic of several other research reports. Leerink Partners upped their target price on ARS Pharmaceuticals from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Oppenheimer began coverage on ARS Pharmaceuticals in a research note on Monday, February 10th. They set an “outperform” rating and a $40.00 price objective on the stock. William Blair reaffirmed an “outperform” rating on shares of ARS Pharmaceuticals in a research note on Monday, March 3rd. Finally, Raymond James increased their price objective on ARS Pharmaceuticals from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 14th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ARS Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $29.00.

ARS Pharmaceuticals Stock Performance

ARS Pharmaceuticals stock opened at $10.85 on Friday. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -21.27 and a beta of 1.03. ARS Pharmaceuticals has a fifty-two week low of $7.55 and a fifty-two week high of $18.51. The stock’s fifty day moving average is $11.87 and its two-hundred day moving average is $13.12.

Insider Buying and Selling

In related news, insider Sarina Tanimoto sold 100,000 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $13.16, for a total transaction of $1,316,000.00. Following the transaction, the insider now directly owns 1,148,499 shares in the company, valued at approximately $15,114,246.84. This represents a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Brian Dorsey sold 25,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.30, for a total value of $307,500.00. Following the completion of the transaction, the chief operating officer now owns 6,024 shares in the company, valued at approximately $74,095.20. This trade represents a 80.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 401,872 shares of company stock worth $4,845,916. 40.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of large investors have recently modified their holdings of SPRY. US Bancorp DE raised its holdings in shares of ARS Pharmaceuticals by 11,951.6% in the 3rd quarter. US Bancorp DE now owns 18,680 shares of the company’s stock worth $271,000 after purchasing an additional 18,525 shares during the period. GSA Capital Partners LLP raised its holdings in shares of ARS Pharmaceuticals by 67.7% during the 3rd quarter. GSA Capital Partners LLP now owns 98,900 shares of the company’s stock valued at $1,434,000 after buying an additional 39,921 shares during the period. Royce & Associates LP raised its holdings in shares of ARS Pharmaceuticals by 7.1% during the 3rd quarter. Royce & Associates LP now owns 691,455 shares of the company’s stock valued at $10,026,000 after buying an additional 45,755 shares during the period. First Turn Management LLC purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter valued at about $8,603,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of ARS Pharmaceuticals during the 3rd quarter valued at about $1,120,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.

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.