Xeris Biopharma (NASDAQ:XERS) Stock Jumps 6.8% - Here's What Happened

Key Points

• Xeris Biopharma shares rose 6.8% to about $11.02 in mid-day trading, extending gains as the stock traded well above its 50-day and 200-day moving averages.
• Analyst sentiment was mixed but improved overall: Leerink Partners and Barclays raised their price targets to $16 and $14, respectively, while the consensus rating remained “Hold” with a $13.20 target.
• Institutional ownership increased, with BlackRock and other firms establishing sizable new positions; however, insiders sold 134,998 shares worth approximately $1.2 million over the past 90 days.

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS - Get Free Report)'s share price rose 6.8% during mid-day trading on Monday. The company traded as high as $11.05 and last traded at $11.0160. Approximately 1,152,083 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,007,346 shares. The stock had previously closed at $10.31.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Leerink Partners boosted their price objective on shares of Xeris Biopharma from $12.00 to $16.00 and gave the company an "outperform" rating in a research note on Thursday, September 10th. Wall Street Zen upgraded shares of Xeris Biopharma from a "hold" rating to a "buy" rating in a research note on Saturday, September 19th. Barclays raised their price target on shares of Xeris Biopharma from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Tuesday, October 6th. Finally, Weiss Ratings lowered shares of Xeris Biopharma from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $13.20.

Xeris Biopharma Stock Up 9.5%

The company has a debt-to-equity ratio of 17.00, a current ratio of 1.45 and a quick ratio of 1.02. The company has a fifty day moving average price of $8.88 and a 200 day moving average price of $7.65. The company has a market cap of $2.06 billion, a PE ratio of -102.61 and a beta of 0.53.

Xeris Biopharma (NASDAQ:XERS - Get Free Report) last announced its 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 for the quarter, compared to the consensus estimate of $90.12 million. Xeris Biopharma had a negative net margin of 5.12% and a positive return on equity of 338.21%. As a group, analysts anticipate that Xeris Biopharma Holdings, Inc. will post 0.07 EPS for the current year.

Insider Transactions at Xeris Biopharma

In other news, insider Kevin McCulloch sold 15,000 shares of the company's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $9.41, for a total value of $141,150.00. Following the completion of the transaction, the insider directly owned 1,599,208 shares in the company, valued at approximately $15,048,547.28. This represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Beth Hecht sold 16,666 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $9.41, for a total value of $156,827.06. Following the transaction, the insider owned 1,111,130 shares in the company, valued at $10,455,733.30. This trade represents a 1.48% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 134,998 shares of company stock valued at $1,202,666. Insiders own 4.35% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of XERS. BlackRock Inc. bought a new stake in Xeris Biopharma in the second quarter valued at approximately $115,042,000. Legal & General Group Plc purchased a new stake in shares of Xeris Biopharma during the second quarter valued at approximately $15,941,000. Parkman Healthcare Partners LLC purchased a new stake in shares of Xeris Biopharma during the second quarter valued at approximately $14,316,000. Bank of America Corp DE purchased a new stake in shares of Xeris Biopharma during the second quarter valued at approximately $11,065,000. Finally, Vilga Financial Planning LLC bought a new position in shares of Xeris Biopharma in the third quarter worth approximately $10,134,000. 42.75% of the stock is currently owned by institutional investors.

Xeris Biopharma Company Profile

Xeris Biopharma, Inc is a specialty pharmaceutical company focused on developing and commercializing therapies for patients with endocrinology, gastroenterology, and related rare or chronic conditions. The company uses proprietary formulation technologies designed to deliver medicines that are difficult to formulate or administer through conventional methods, including its XeriSol and XeriJect platforms.

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

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