Xeris Biopharma (NASDAQ:XERS) Trading Down 6.2% – Here’s Why

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) shares traded down 6.2% during mid-day trading on Tuesday . The company traded as low as $5.09 and last traded at $5.15. 902,594 shares were traded during trading, a decline of 49% from the average session volume of 1,757,911 shares. The stock had previously closed at $5.49.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Craig Hallum boosted their target price on Xeris Biopharma from $5.00 to $6.50 and gave the stock a “buy” rating in a research report on Friday, March 7th. HC Wainwright restated a “buy” rating and set a $8.00 price objective (up previously from $6.60) on shares of Xeris Biopharma in a report on Friday, March 7th. Jefferies Financial Group reiterated a “buy” rating and issued a $6.00 target price (up from $4.00) on shares of Xeris Biopharma in a report on Wednesday, January 29th. Piper Sandler reissued a “neutral” rating and issued a $4.00 price target (up previously from $3.00) on shares of Xeris Biopharma in a report on Friday, March 7th. Finally, Leerink Partners upped their price objective on shares of Xeris Biopharma from $5.00 to $6.00 and gave the company an “outperform” rating in a research report on Friday, March 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.10.

Xeris Biopharma Price Performance

The stock has a market cap of $808.95 million, a P/E ratio of -11.63 and a beta of 2.32. The stock’s 50 day simple moving average is $4.18 and its two-hundred day simple moving average is $3.54.

Insider Buying and Selling at Xeris Biopharma

In other news, insider Beth Hecht sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $5.43, for a total transaction of $217,200.00. Following the completion of the transaction, the insider now directly owns 1,353,510 shares of the company’s stock, valued at $7,349,559.30. This trade represents a 2.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Walleye Capital LLC bought a new stake in Xeris Biopharma during the 3rd quarter worth about $3,197,000. JPMorgan Chase & Co. increased its position in shares of Xeris Biopharma by 166.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,043,441 shares of the company’s stock valued at $3,537,000 after acquiring an additional 651,481 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Xeris Biopharma during the fourth quarter worth about $2,014,000. Millennium Management LLC raised its holdings in Xeris Biopharma by 34.8% during the fourth quarter. Millennium Management LLC now owns 1,948,552 shares of the company’s stock worth $6,606,000 after acquiring an additional 502,853 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Xeris Biopharma by 31.3% during the fourth quarter. Renaissance Technologies LLC now owns 2,098,840 shares of the company’s stock valued at $7,115,000 after purchasing an additional 500,120 shares during the last quarter. Institutional investors and hedge funds 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.