Xeris Biopharma (NASDAQ:XERS) Shares Up 15.2% Following Earnings Beat

Key Points

• Xeris shares jumped 15.2% after quarterly results beat expectations: EPS was $0.06 versus $0.03 forecast, while revenue reached $107.23 million against estimates of $101.68 million.
• CEO John Shannon said Recorlev could approach $1 billion in annual sales three to four years earlier than previously expected, strengthening the company’s growth outlook.
• Analyst sentiment was mostly positive, with Oppenheimer and HC Wainwright raising price targets and issuing bullish ratings; Piper Sandler maintained a neutral rating with a $12 target, below the post-rally share price.

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS - Get Free Report) shares were up 15.2% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $15.00 and last traded at $15.0660. Approximately 5,693,013 shares changed hands during mid-day trading, an increase of 172% from the average session volume of 2,095,081 shares. The stock had previously closed at $13.08.

The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. Xeris Biopharma had a positive return on equity of 338.21% and a negative net margin of 5.12%. The firm had revenue of $107.23 million for the quarter, compared to analyst estimates of $101.68 million.

Key Headlines Impacting Xeris Biopharma

Here are the key news stories impacting Xeris Biopharma this week:

• Positive Sentiment: Q3 results topped estimates: Xeris reported earnings of $0.06 per share versus consensus of $0.03, and revenue of $107.23 million versus forecasts of $101.68 million. Earnings also improved from break-even a year earlier. Article: Xeris Biopharma Shares Jump After Q3 Results Top Estimates
• Positive Sentiment: Strong Recorlev outlook: CEO John Shannon said the product could approach $1 billion in annual sales three to four years earlier than previously expected, reinforcing the company’s longer-term growth story. Article: Xeris CEO Sees Recorlev Nearing $1B in Annual Sales Earlier Than Expected
• Positive Sentiment: Two bullish analyst updates: Oppenheimer reaffirmed its outperform rating and raised its target to $21 from $18; HC Wainwright raised its target to $18 from $10 and assigned a buy rating.
• Neutral Sentiment: Analyst views diverge: Piper Sandler kept its neutral rating but lifted its target to $12 from $8, still below the recent share price. That cautious view may temper enthusiasm after the rally.
• Negative Sentiment: Insider sales: Several insiders sold shares at $10.23 under pre-arranged trading plans. The sales were small relative to their remaining holdings and occurred before the recent earnings-driven move, so they may have limited significance.

Analyst Ratings Changes

Several equities research analysts have issued reports on XERS shares. Barclays increased their price target on Xeris Biopharma from $12.00 to $14.00 and gave the stock an "overweight" rating in a report on Tuesday, October 6th. Piper Sandler reiterated a "neutral" rating and set a $12.00 price objective (up from $8.00) on shares of Xeris Biopharma in a research report on Friday. Wall Street Zen upgraded shares of Xeris Biopharma from a "hold" rating to a "buy" rating in a research note on Saturday, September 19th. HC Wainwright increased their price objective on Xeris Biopharma from $10.00 to $18.00 and gave the company a "buy" rating in a report on Friday. Finally, Leerink Partners raised their price target on Xeris Biopharma from $12.00 to $16.00 and gave the stock an "outperform" rating in a research note on Thursday, September 10th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Xeris Biopharma has an average rating of "Moderate Buy" and a consensus target price of $16.20.

Insider Transactions at Xeris Biopharma

In related news, insider Kevin McCulloch sold 25,000 shares of the stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $10.00, for a total value of $250,000.00. Following the completion of the transaction, the insider owned 1,614,208 shares of the company's stock, valued at $16,142,080. This represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Pieper sold 5,000 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $10.23, for a total value of $51,150.00. Following the completion of the transaction, the insider owned 1,346,053 shares in the company, valued at approximately $13,770,122.19. The trade was a 0.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 148,332 shares of company stock valued at $1,409,221 over the last three months. 4.35% of the stock is currently owned by corporate insiders.

Institutional Trading of Xeris Biopharma

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Xeris Biopharma during the second quarter valued at $115,042,000. Wellington Management Group LLP raised its stake in Xeris Biopharma by 8.9% in the second quarter. Wellington Management Group LLP now owns 2,365,103 shares of the company's stock valued at $18,732,000 after buying an additional 193,749 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Xeris Biopharma during the second quarter worth $15,941,000. Parkman Healthcare Partners LLC acquired a new position in shares of Xeris Biopharma in the second quarter valued at about $14,316,000. Finally, Algert Global LLC lifted its stake in Xeris Biopharma by 50.6% during the 2nd quarter. Algert Global LLC now owns 1,742,942 shares of the company's stock valued at $13,804,000 after acquiring an additional 585,984 shares during the period. Institutional investors own 42.75% of the company's stock.

Xeris Biopharma Stock Up 15.2%

The stock has a market cap of $2.75 billion, a PE ratio of -136.82 and a beta of 0.61. The business has a 50 day moving average price of $9.49 and a 200 day moving average price of $7.58. The company has a quick ratio of 1.02, a current ratio of 1.45 and a debt-to-equity ratio of 17.00.

About Xeris Biopharma

Xeris Biopharma, Inc is a specialty pharmaceutical company focused on developing and commercializing therapies for patients with endocrinology, gastroenterology and other serious or chronic conditions. The company uses proprietary formulation and delivery technologies designed to make complex therapies more stable, convenient and suitable for self-administration.

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

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