Analyst Roanna Ruiz from Leerink Partners reiterated a Buy rating on ARS Pharmaceuticals (SPRY – Research Report) and decreased the price target to $26.00 from $27.00.
Roanna Ruiz’s rating is based on a combination of factors that highlight the potential growth and strategic execution of ARS Pharmaceuticals. One of the primary reasons for the Buy rating is the company’s successful efforts in securing favorable, unrestricted payer coverage for its product, neffy, in the U.S. market. This achievement is expected to ease prior authorization hurdles and enhance prescription rates, contributing to a positive revenue trajectory.
Additionally, ARS Pharmaceuticals is planning a direct-to-consumer campaign aimed at increasing awareness among healthcare providers and patients, which is strategically timed before the seasonal increase in epinephrine prescriptions. Despite the higher operating expenses projected for FY25, these are seen as necessary investments to establish a strong commercial foundation for neffy’s anticipated uptake. Overall, the management’s solid execution and strategic initiatives are viewed as critical elements that could drive further upside for investors, justifying the Buy rating.
In another report released yesterday, Raymond James also maintained a Buy rating on the stock with a $32.00 price target.
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