1,397,050 Shares of Xeris Biopharma Holdings, Inc. $XERS Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 1.397 million Xeris Biopharma shares valued at approximately $11.1 million, while several other institutional investors also initiated positions. Institutional and hedge-fund ownership reached 42.75%.
• Xeris reported quarterly revenue of $92.1 million, exceeding estimates, but its adjusted loss of $0.18 per share missed the $0.01 consensus expectation. The stock opened at $9.10, near its 12-month high of $10.08.
• Analyst sentiment was generally positive, with Leerink Partners and Barclays raising price targets; the consensus target is $12.80 and the overall rating is “Hold.” Insiders, however, sold nearly 225,000 shares worth about $1.85 million over the past three months.

Bank of America Corp DE acquired a new position in Xeris Biopharma Holdings, Inc. (NASDAQ:XERS - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,397,050 shares of the company's stock, valued at approximately $11,065,000. Bank of America Corp DE owned 0.77% of Xeris Biopharma at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Man Group plc acquired a new position in shares of Xeris Biopharma during the 2nd quarter valued at $3,607,000. Jupiter Topco LLC acquired a new stake in Xeris Biopharma in the 2nd quarter valued at $3,287,000. Hsbc Holdings PLC purchased a new position in Xeris Biopharma in the second quarter valued at about $330,000. Canada Pension Plan Investment Board purchased a new position in Xeris Biopharma in the second quarter valued at about $1,736,000. Finally, Parkman Healthcare Partners LLC acquired a new position in shares of Xeris Biopharma during the second quarter worth about $14,316,000. 42.75% of the stock is owned by institutional investors and hedge funds.

Xeris Biopharma Stock Up 1.7%

XERS stock opened at $9.10 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.02 and a debt-to-equity ratio of 17.00. The firm has a 50 day simple moving average of $8.36 and a 200-day simple moving average of $7.17. The company has a market capitalization of $1.66 billion, a P/E ratio of -82.73 and a beta of 0.70. Xeris Biopharma Holdings, Inc. has a twelve month low of $5.25 and a twelve month high of $10.08.

Xeris Biopharma (NASDAQ:XERS - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.19). The company had revenue of $92.10 million during the quarter, compared to analyst estimates of $90.12 million. Xeris Biopharma had a negative net margin of 5.12% and a positive return on equity of 338.21%. On average, equities research analysts predict that Xeris Biopharma Holdings, Inc. will post 0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Xeris Biopharma news, insider Beth Hecht sold 16,666 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $8.49, for a total transaction of $141,494.34. Following the transaction, the insider owned 1,127,796 shares of the company's stock, valued at $9,574,988.04. This trade represents a 1.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin McCulloch sold 90,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $8.03, for a total value of $722,700.00. Following the transaction, the insider directly owned 1,691,126 shares in the company, valued at approximately $13,579,741.78. This represents a 5.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 224,998 shares of company stock worth $1,847,219. Corporate insiders own 4.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Leerink Partners boosted their price target on Xeris Biopharma from $12.00 to $16.00 and gave the stock an "outperform" rating in a research report on Thursday, September 10th. Wall Street Zen raised shares of Xeris Biopharma from a "hold" rating to a "buy" rating in a research report on Saturday, September 19th. Barclays lifted their price objective on shares of Xeris Biopharma from $9.00 to $12.00 and gave the company an "overweight" rating in a research note on Thursday, August 20th. Finally, Weiss Ratings cut shares of Xeris Biopharma from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Xeris Biopharma currently has an average rating of "Hold" and a consensus price target of $12.80.

Xeris Biopharma Company Profile

Xeris Biopharma Holdings, Inc NASDAQ: XERS is a specialty pharmaceutical company focused on developing and commercializing therapies using proprietary formulation and drug-delivery technologies. Its platforms, including XeriSol and XeriJect, are designed to enable liquid or ready-to-use formulations of medicines that may otherwise require refrigeration, reconstitution, or administration by a healthcare professional.

The company's commercial products include Gvoke, a ready-to-use glucagon injection for the treatment of severe hypoglycemia; Keveyis (dichlorphenamide), an oral therapy for primary periodic paralysis; and Recorlev (levoketoconazole), an oral treatment for endogenous hypercortisolemia in adults with Cushing's syndrome.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.