ARS Pharmaceuticals initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of ARS Pharmaceuticals (SPRY) with an Outperform rating and $40 price target As the first and only approved needle-free epinephrine product, neffy has the potential to transform the treatment paradigm for patients with severe allergic reactions, including anaphylaxis away from daunting epinephrine autoinjector devices and toward a user-friendly intranasal spray with comparable efficacy, the firm notes. In just its first 13 weeks of launch, neffy posted net product sales of $7.1M, above the $4.1M consensus estimate driven by strong patient demand despite typical hurdles associated with early stages of a launch. Oppenheimer sees the strong, initial execution putting neffy on the path to capturing meaningful share of the multi-billion-dollar epinephrine market with estimated sales of $1.5B in 2030.