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

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares saw an uptick in trading volume on Friday . 947,927 shares changed hands during trading, a decline of 38% from the previous session’s volume of 1,530,281 shares.The stock last traded at $7.3070 and had previously closed at $7.94.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SPRY. Leerink Partners set a $26.00 price target on ARS Pharmaceuticals and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Northland Securities began coverage on ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price target for the company. Zacks Research upgraded ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Finally, Weiss Ratings lowered ARS Pharmaceuticals from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $28.25.

ARS Pharmaceuticals Stock Down 5.4%

The company has a debt-to-equity ratio of 1.47, a current ratio of 7.28 and a quick ratio of 7.06. The firm has a 50 day simple moving average of $8.33 and a 200-day simple moving average of $9.30. The stock has a market capitalization of $746.24 million, a price-to-earnings ratio of -4.30 and a beta of 0.93.

ARS Pharmaceuticals (NASDAQ:SPRY) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative return on equity of 100.29% and a negative net margin of 203.25%.The company had revenue of $22.68 million for the quarter, compared to analyst estimates of $22.20 million. On average, sell-side analysts forecast that ARS Pharmaceuticals, Inc. will post -1.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Rubric Capital Management LP raised its stake in ARS Pharmaceuticals by 37.8% during the fourth quarter. Rubric Capital Management LP now owns 6,200,000 shares of the company’s stock worth $72,230,000 after acquiring an additional 1,700,000 shares in the last quarter. Aberdeen Group plc raised its stake in ARS Pharmaceuticals by 14.8% during the fourth quarter. Aberdeen Group plc now owns 3,556,049 shares of the company’s stock worth $41,428,000 after acquiring an additional 459,027 shares in the last quarter. Vanguard Group Inc. raised its stake in ARS Pharmaceuticals by 7.3% during the third quarter. Vanguard Group Inc. now owns 3,500,303 shares of the company’s stock worth $35,178,000 after acquiring an additional 237,630 shares in the last quarter. State Street Corp raised its stake in ARS Pharmaceuticals by 11.3% during the fourth quarter. State Street Corp now owns 3,223,581 shares of the company’s stock worth $37,555,000 after acquiring an additional 328,325 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in ARS Pharmaceuticals during the fourth quarter worth $36,912,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

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