ARS Pharmaceuticals

SPRY · NASDAQ

$4.29+$0.06 (+1.42%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $4.23

SPRY analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $27.03 (+530.1% upside)

Low: $15.15
Now: $4.29
High: $34.65

Upgrades and downgrades

The latest rating actions, newest first

SPRY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Leerink Partners	Aug 13, 2026	Maintains	Outperform	$24.00 → $18.00	35%
Leerink Partners	Jun 25, 2026	Maintains	Outperform	$25.00 → $24.00	35%
Cantor Fitzgerald	May 28, 2026	Maintains	Overweight	$12.00 → $30.00	49%

The case for and against

Updated Oct 17, 2026

Bull case

ARS Pharmaceuticals is well positioned fundamentally because neffy is the first intranasal epinephrine product to launch in the US and Europe, offering a no-needle, easy-to-use alternative to painful autoinjectors while still showing rapid PK/PD profiles comparable to intramuscular epinephrine in clinical trials. Incremental access wins, including Florida Medicaid’s unrestricted formulary addition effective July 1, 2026, plus the ALK partnership’s $145M upfront payment and future royalties/milestones, strengthen the balance sheet and support broader commercialization, while the co-promote deal should enhance US sales infrastructure. The bull case is further supported by management’s estimate of ~$1.1B peak US sales for neffy in 2034E and additional upside from ARS-2 in CSU, where encouraging Phase 2 data, a potential 2030 launch, and ~$575M projected sales by 2033 point to a second growth engine.

Bear case

ARS Pharmaceuticals is viewed negatively because neffy’s near-term commercial thesis has lost momentum after no new July 1 formulary additions or coverage decisions, while management simultaneously had to lower 2026 OpEx to about $248 million, underscoring that the company still needs strict spending discipline to reach its 2027 cash-flow breakeven goal. Access remains the central weakness, as payer hurdles, prior authorization risk, and patient cost-sharing may limit uptake in the U.S. and slow reimbursement negotiations and launch ramp in Europe, preventing the DTC campaign from producing the expected revenue inflection. In addition, physician confidence in a novel needle-free epinephrine product remains a key adoption risk, and competing late-stage non-injection epinephrine therapies could dilute market share and pricing power before neffy is fully established.

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