ARS Pharmaceuticals initiated with an Outperform at William Blair

William Blair analyst Tim Lugo initiated coverage of ARS Pharmaceuticals with an Outperform rating and fair value estimate of $17. ARS is a clinical-stage biopharmaceutical company focused on developing treatments that are safe, effective, needle-free, easy to carry, and simple to administer for people affected by severe allergic reactions, Lugo tells investors in a research note. The company has developed Neffy, a nasal spray designed to deliver epinephrine exposure that is comparable to existing treatments like EpiPen, while overcoming the barriers that can limit the use of current treatments, says the analyst. Lugo believes ARS is positioned to become a "major player" in the market for self-administered epinephrine devices for the treatment of severe allergic reactions.