ARS Pharmaceuticals (SPRY) Surges 10.3% on $250M Loan and Neffy Expansion – What’s Fueling the Rally?

Summary
• ARS Pharmaceuticals (SPRY) surges 10.3% to $10.835, hitting an intraday high of $10.99
• $250M loan facility with RA Capital and OMERS accelerates neffy commercialization
• Q3 revenue jumps to $32.5M, with neffy sales doubling sequentially
• Analysts rate SPRY as 'Strong Buy' with a $31.25 price target (190% upside)

ARS Pharmaceuticals (SPRY) delivered a sharp intraday rally, surging 10.3% to $10.835 as of 5:30 PM EST. The stock’s explosive move follows a $250M loan announcement to scale neffy’s U.S. commercialization and robust Q3 earnings. With neffy sales doubling sequentially and a favorable patent decision in Europe, the biopharma stock is capturing investor attention amid a broader healthcare sector rally.

Neffy Commercialization Loan and Q3 Earnings Drive SPRY’s Rally
ARS Pharmaceuticals’ 10.3% intraday surge is directly tied to two catalysts: a $250M loan facility with RA Capital Management and OMERS Life Sciences to accelerate neffy’s U.S. market share growth, and Q3 2025 financial results showing $32.5M in revenue, including $31.3M in neffy U.S. net product revenue. The loan’s initial $100M drawdown provides liquidity to expand commercial operations, while the Q3 sales doubling from prior quarters signals strong adoption of its needle-free epinephrine nasal spray. Additionally, a favorable European Patent Office decision on neffy’s IP and real-world data presentations at the ACAAI conference reinforced long-term growth potential.

Healthcare Sector Gains Momentum as Biotech Leaders Rally
The healthcare sector, led by Amgen (AMGN) with a 1.32% intraday gain, has seen renewed momentum amid positive biotech news. ARS Pharmaceuticals’ rally aligns with broader sector strength, as investors bet on innovation in allergy treatments and regulatory tailwinds. While AMGN’s growth is driven by blockbuster oncology drugs, SPRY’s focus on neffy’s needle-free epinephrine niche positions it as a high-growth disruptor in a $3B+ U.S. market.

Options and ETF Plays for SPRY’s Volatility and Growth Potential
• 200-day average: 12.81 (above) • RSI: 52.72 (neutral) • MACD: 0.375 (bullish) • Bollinger Bands: $7.44–$11.72 (current price near upper band)

SPRY’s technicals suggest a continuation of its rally, with key resistance at $11.72 (Bollinger upper band) and support at $9.58 (20-day MA). The stock’s 10.3% intraday gain and 52-week high of $18.90 indicate strong short-term momentum. While no leveraged ETFs are available, the biotech sector’s strength, led by AMGN’s 1.32% rise, supports a bullish bias.

Top Options Contracts:
• SPRY20260220C12.5 (Call):
- Strike: $12.50 • Expiry: 2026-02-20 • IV: 105.46% • Leverage: 8.27% • Delta: 0.459 • Theta: -0.017 • Gamma: 0.0835 • Turnover: 650
- IV (high volatility) and gamma (price sensitivity) make this ideal for a continued rally. Projected 5% upside (to $11.38) yields a payoff of $0.88 per share.
• SPRY20260320C12.5 (Call):
- Strike: $12.50 • Expiry: 2026-03-20 • IV: 96.73% • Leverage: 7.17% • Delta: 0.482 • Theta: -0.013 • Gamma: 0.0763 • Turnover: 3,750
- Liquidity (3,750 turnover) and moderate theta (time decay) suit a mid-term hold. A 5% upside scenario generates $0.88 per share payoff.

Action: Aggressive bulls should target SPRY20260220C12.5 for a 2-month rally, while conservative investors may hold SPRY20260320C12.5 for a longer-term breakout above $12.50.

Backtest ARS Pharmaceuticals Stock Performance
The performance of SPRY after a 10% intraday surge from 2022 to now has been backtested, revealing strong sentiment near and mid-term, with a potential shift in the long-term outlook. However, specific details about the strategy's robustness and market conditions during this period are not available.

SPRY’s Rally Gains Steam – Position for a $12.50 Breakout
ARS Pharmaceuticals’ 10.3% surge is driven by a $250M loan and neffy’s commercial success, with technicals and options data pointing to a continuation of the rally. The stock’s 52-week high of $18.90 and analyst price target of $31.25 (190% upside) suggest a high-conviction trade. Watch for a breakout above $12.50, where the SPRY20260220C12.5 call option could deliver outsized returns. Meanwhile, Amgen’s 1.32% gain underscores healthcare sector strength, reinforcing the case for a bullish stance on SPRY’s needle-free epinephrine innovation.