ARS Pharmaceuticals initiated with an Outperform at Wedbush

Wedbush analyst Andreas Argyrides initiated coverage of ARS Pharmaceuticals with an Outperform rating and $10 price target. The epinephrine market has long been dominated by epinephrine autoinjectors like EpiPen, Auvi-Q and authorized generics as well as injectables, said the firm, which sees neffy, which would become the first "no needle, no injection" treatment option for patients at-risk of anaphylaxis if approved, as "an opportunity to invest in a novel approach to delivering epinephrine." As the first intranasal spray, the firm currently sees neffy capturing 21.5% share of the U.S. market in 2030 and estimates worldwide sales of about $552M in 2030 following a U.S. approval and launch that it projects in Q3 of 2023.