ARS Pharmaceuticals Inc (SPRY) saw its stock soar 5.18% in pre-market trading on Monday, as investors reacted positively to a significant target price increase from a major financial institution.

Raymond James, a well-respected investment bank and financial services company, raised its target price for ARS Pharmaceuticals from $28 to $32. This represents a substantial 14.3% increase in the firm's valuation of the pharmaceutical company's stock.

The target price hike suggests that Raymond James analysts have become more optimistic about ARS Pharmaceuticals' future prospects. This could be due to various factors such as promising drug pipeline developments, improved financial performance, or positive industry trends. The increased target price may encourage more investors to consider SPRY stock, potentially driving further gains in the coming trading sessions.