Xeris Biopharma (NASDAQ:XERS) Sets New 52-Week High - Here's Why

Key Points

• Xeris Biopharma shares reached a new 52-week high of $7.61, with a trading volume of over 1.6 million shares.
• Analysts have recently upgraded Xeris Biopharma's stock ratings, with HC Wainwright setting a price target of $10.00 and Wall Street Zen upgrading to a "strong-buy."
• The company's quarterly earnings beat expectations, reporting revenue of $67.71 million, exceeding the forecast of $64.58 million.

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS - Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $7.61 and last traded at $7.61, with a volume of 1697373 shares changing hands. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

Several research firms have commented on XERS. HC Wainwright raised shares of Xeris Biopharma to a "buy" rating and set a $10.00 price objective on the stock in a report on Tuesday. Oppenheimer raised their price objective on shares of Xeris Biopharma from $6.00 to $7.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Finally, Wall Street Zen raised shares of Xeris Biopharma from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $6.58.

Xeris Biopharma Stock Performance

The company has a market capitalization of $1.24 billion, a PE ratio of -36.57 and a beta of 0.65. The stock has a fifty day moving average of $5.16 and a 200 day moving average of $4.68.

Xeris Biopharma (NASDAQ:XERS - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The business had revenue of $67.71 million during the quarter, compared to analysts' expectations of $64.58 million. As a group, equities analysts predict that Xeris Biopharma Holdings, Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In related 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, for a total transaction of $109,500.00. Following the acquisition, the insider directly owned 1,708,585 shares in the company, valued at $7,483,602.30. This represents a 1.48% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dawn Halkuff sold 42,500 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $7.28, for a total value of $309,400.00. Following the completion of the transaction, the director owned 115,000 shares in the company, valued at $837,200. This represents a 26.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.47% of the company's stock.

Institutional Trading of Xeris Biopharma

Institutional investors have recently modified their holdings of the stock. Rafferty Asset Management LLC increased its stake in Xeris Biopharma by 72.7% in the second quarter. Rafferty Asset Management LLC now owns 25,903 shares of the company's stock valued at $121,000 after purchasing an additional 10,900 shares during the period. Modern Wealth Management LLC purchased a new position in Xeris Biopharma in the second quarter worth $83,000. Engineers Gate Manager LP purchased a new stake in Xeris Biopharma during the second quarter worth about $178,000. Cubist Systematic Strategies LLC grew its holdings in Xeris Biopharma by 8.5% in the second quarter. Cubist Systematic Strategies LLC now owns 880,314 shares of the company's stock valued at $4,111,000 after purchasing an additional 68,707 shares during the last quarter. Finally, Brevan Howard Capital Management LP increased its holdings in Xeris Biopharma by 6.6% during the 2nd quarter. Brevan Howard Capital Management LP now owns 205,024 shares of the company's stock valued at $957,000 after acquiring an additional 12,748 shares in the last quarter. Hedge funds and other institutional investors own 42.75% of the company's stock.

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.

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