Xeris Biopharma (NASDAQ:XERS) Given New $9.00 Price Target at Leerink Partners

Key Points

• Leerink Partners has raised the price target for Xeris Biopharma (NASDAQ:XERS) from $7.00 to $9.00, indicating a potential upside of 18.58% from the stock's previous close.
• The stock has received multiple upgrades, with Wall Street Zen moving it from a "hold" to a "strong-buy" rating, while HC Wainwright and Oppenheimer also issued positive ratings with price targets of $10.00 and $7.00, respectively.
• Xeris Biopharma reported a quarterly profit of ($0.01) earnings per share, beating analysts' expectations, and had revenue of $67.71 million, exceeding estimates of $64.58 million.

Xeris Biopharma (NASDAQ:XERS - Free Report) had its price objective boosted by Leerink Partners from $7.00 to $9.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Xeris Biopharma from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. HC Wainwright assumed coverage on shares of Xeris Biopharma in a report on Tuesday, August 12th. They set a "buy" rating and a $10.00 price target on the stock. Finally, Oppenheimer boosted their price target on shares of Xeris Biopharma from $6.00 to $7.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $7.08.

Xeris Biopharma Price Performance

Shares of NASDAQ XERS traded up $0.02 during midday trading on Tuesday, reaching $7.77. 1,953,434 shares of the company traded hands, compared to its average volume of 2,553,253. Xeris Biopharma has a 52 week low of $2.48 and a 52 week high of $7.96. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -37.00 and a beta of 0.65. The stock has a 50-day moving average price of $5.53 and a 200 day moving average price of $4.86.

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 (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. The firm had revenue of $67.71 million for the quarter, compared to analyst estimates of $64.58 million. As a group, analysts expect that Xeris Biopharma will post -0.41 EPS for the current year.

Insider Transactions at Xeris Biopharma

In other news, insider Kevin Mcculloch purchased 25,000 shares of the business's stock in a transaction dated 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 purchase, the insider directly owned 1,708,585 shares of the company's stock, valued at approximately $7,483,602.30. This trade represents a 1.48% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John Johnson sold 107,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $7.32, for a total value of $786,900.00. Following the sale, the director directly owned 833,483 shares of the company's stock, valued at $6,101,095.56. This trade represents a 11.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.47% of the company's stock.

Hedge Funds Weigh In On Xeris Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State of Wyoming bought a new stake in Xeris Biopharma during the 2nd quarter worth approximately $164,000. Tower Research Capital LLC TRC increased its position in Xeris Biopharma by 913.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 17,395 shares of the company's stock valued at $81,000 after acquiring an additional 15,678 shares in the last quarter. Corient Private Wealth LLC acquired a new stake in Xeris Biopharma in the 2nd quarter valued at about $320,000. Rafferty Asset Management LLC increased its position in Xeris Biopharma by 72.7% in the 2nd quarter. Rafferty Asset Management LLC now owns 25,903 shares of the company's stock valued at $121,000 after acquiring an additional 10,900 shares in the last quarter. Finally, Modern Wealth Management LLC acquired a new stake in Xeris Biopharma in the 2nd quarter valued at about $83,000. Institutional investors own 42.75% of the company's stock.

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.