Xeris Biopharma (NASDAQ:XERS) Cut to "Buy" at Wall Street Zen

Key Points

• Xeris Biopharma has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting a change in sentiment among analysts.
• Several brokerages have raised their price targets for the stock, with Oppenheimer increasing their target to $7.00 and Leerink Partners to $9.00, indicating positive momentum around the company's performance.
• In its latest quarterly earnings report, Xeris Biopharma exceeded analysts' expectations by reporting $67.71 million in revenue, surpassing the forecast of $64.58 million.

Xeris Biopharma (NASDAQ:XERS - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Friday.

Several other analysts have also issued reports on the stock. HC Wainwright assumed coverage on shares of Xeris Biopharma in a research note on Tuesday, August 12th. They issued a "buy" rating and a $10.00 target price for the company. Oppenheimer upped their target price on shares of Xeris Biopharma from $6.00 to $7.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Finally, Leerink Partners upped their target price on shares of Xeris Biopharma from $7.00 to $9.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 19th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Xeris Biopharma has a consensus rating of "Moderate Buy" and a consensus price target of $7.08.

Xeris Biopharma Stock Down 1.7%

XERS stock traded down $0.13 during midday trading on Friday, reaching $7.68. 1,262,856 shares of the company's stock traded hands, compared to its average volume of 1,969,991. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -36.57 and a beta of 0.13. The firm's fifty day moving average price is $6.43 and its 200-day moving average price is $5.24. Xeris Biopharma has a 52 week low of $2.69 and a 52 week high of $8.03.

Xeris Biopharma (NASDAQ:XERS - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $67.71 million during the quarter, compared to the consensus estimate of $64.58 million. Analysts forecast that Xeris Biopharma will post -0.41 earnings per share for the current year.

Insider Buying and Selling at Xeris Biopharma

In other Xeris Biopharma news, insider Kevin Mcculloch acquired 25,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were acquired at an average cost of $4.38 per share, with a total value of $109,500.00. Following the completion of the acquisition, the insider directly owned 1,708,585 shares in the company, valued at $7,483,602.30. This trade represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey W. Sherman sold 42,232 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $7.92, for a total transaction of $334,477.44. Following the sale, the director directly owned 219,188 shares in the company, valued at approximately $1,735,968.96. This trade represents a 16.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 192,232 shares of company stock valued at $1,430,777 in the last three months. 6.47% of the stock is owned by company insiders.

Institutional Investors Weigh In On Xeris Biopharma

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Xeris Biopharma by 92.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,254 shares of the company's stock worth $172,000 after buying an additional 14,986 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Xeris Biopharma in the first quarter worth about $12,240,000. Millennium Management LLC lifted its holdings in shares of Xeris Biopharma by 34.8% in the fourth quarter. Millennium Management LLC now owns 1,948,552 shares of the company's stock worth $6,606,000 after buying an additional 502,853 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Xeris Biopharma in the fourth quarter worth about $47,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Xeris Biopharma in the fourth quarter worth about $45,000. 42.75% of the stock is owned by hedge funds and other institutional investors.

About Xeris Biopharma

Xeris Biopharma Holdings, Inc, a biopharmaceutical company, engages in developing and commercializing therapies in Illinois. The company offers Gvoke, a ready-to-use liquid-stable glucagon for the treatment of severe hypoglycemia pediatric and adult patients; Keveyis, a therapy for the treatment of hyperkalemic, hypokalemic, and related variants of primary periodic paralysis; and Recorlev, a cortisol synthesis inhibitor proved for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome.