Xeris Biopharma (NASDAQ:XERS) Releases Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Xeris Biopharma reported earnings of ($0.01) EPS, exceeding analysts' expectations by $0.02, with revenue of $67.71 million for the quarter.
• The company's stock rose 3.6% following the earnings release, reaching a price of $6.84.
• Insider Kevin Mcculloch purchased 25,000 shares of Xeris Biopharma, increasing his ownership stake and reflecting confidence in the company's trajectory.

Xeris Biopharma (NASDAQ:XERS - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.03) by $0.02, Zacks reports. The business had revenue of $67.71 million for the quarter, compared to analyst estimates of $64.58 million.

Xeris Biopharma Stock Up 3.6%

NASDAQ XERS traded up $0.24 during trading on Friday, hitting $6.84. The stock had a trading volume of 11,441,459 shares, compared to its average volume of 2,356,814. The company has a market capitalization of $1.07 billion, a PE ratio of -32.57 and a beta of 0.65. The firm has a 50 day moving average price of $4.95 and a 200 day moving average price of $4.57. Xeris Biopharma has a twelve month low of $2.21 and a twelve month high of $7.09.

Insiders Place Their Bets

In other news, insider Kevin Mcculloch bought 25,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was bought at an average cost of $4.38 per share, with a total value of $109,500.00. Following the transaction, the insider directly owned 1,708,585 shares in the company, valued at $7,483,602.30. The trade was a 1.48% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Xeris Biopharma

Several institutional investors have recently bought and sold shares of the company. Cetera Investment Advisers grew its position in Xeris Biopharma by 3.9% in the 2nd quarter. Cetera Investment Advisers now owns 46,332 shares of the company's stock valued at $216,000 after acquiring an additional 1,735 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Xeris Biopharma by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,982 shares of the company's stock valued at $461,000 after acquiring an additional 3,594 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Xeris Biopharma in the 1st quarter valued at about $96,000. Caxton Associates LLP purchased a new position in shares of Xeris Biopharma in the 1st quarter valued at about $170,000. Finally, Royal Bank of Canada boosted its stake in shares of Xeris Biopharma by 1,411.2% in the 1st quarter. Royal Bank of Canada now owns 213,084 shares of the company's stock valued at $1,170,000 after buying an additional 198,984 shares during the period. 42.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on XERS. Wall Street Zen downgraded Xeris Biopharma from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Oppenheimer raised their price objective on Xeris Biopharma from $6.00 to $7.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.25.

Xeris Biopharma Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.