Xeris Biopharma (NASDAQ:XERS) Shares Gap Down Following Weak Earnings

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $8.11, but opened at $7.19. Xeris Biopharma shares last traded at $7.2950, with a volume of 707,331 shares traded.

The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.19). The company had revenue of $92.10 million during the quarter, compared to the consensus estimate of $90.12 million. Xeris Biopharma had a net margin of 3.81% and a return on equity of 735.00%.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Xeris Biopharma from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.80.

Insider Buying and Selling

In related news, insider Kevin Mcculloch sold 90,000 shares of Xeris Biopharma stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $8.03, for a total transaction of $722,700.00. Following the completion of the sale, the insider owned 1,691,126 shares of the company’s stock, valued at approximately $13,579,741.78. The trade was a 5.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Dawn Halkuff sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $6.09, for a total transaction of $121,800.00. Following the completion of the transaction, the director owned 95,000 shares in the company, valued at approximately $578,550. This trade represents a 17.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 266,499 shares of company stock valued at $1,996,417. 4.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Xeris Biopharma

Several institutional investors and hedge funds have recently made changes to their positions in XERS. Apella Capital LLC increased its position in Xeris Biopharma by 2,359.0% during the 4th quarter. Apella Capital LLC now owns 245,897 shares of the company’s stock worth $1,930,000 after buying an additional 235,897 shares during the period. Rice Hall James & Associates LLC acquired a new position in shares of Xeris Biopharma in the first quarter valued at about $1,456,000. Granahan Investment Management LLC increased its position in Xeris Biopharma by 249.4% during the fourth quarter. Granahan Investment Management LLC now owns 1,223,404 shares of the company’s stock worth $9,604,000 after acquiring an additional 873,236 shares during the period. Vanguard Group Inc. raised its stake in Xeris Biopharma by 13.8% in the 4th quarter. Vanguard Group Inc. now owns 11,186,677 shares of the company’s stock worth $87,815,000 after purchasing an additional 1,358,760 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Xeris Biopharma in the first quarter valued at approximately $1,204,000. Institutional investors and hedge funds own 42.75% of the company’s stock.

Xeris Biopharma Trading Down 12.3%

The company has a debt-to-equity ratio of 17.00, a current ratio of 2.12 and a quick ratio of 1.50. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 118.50 and a beta of 0.66. The business’s 50-day moving average price is $7.62 and its two-hundred day moving average price is $6.79.

About Xeris Biopharma

Xeris Biopharma is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies for endocrine and orphan diseases. The company’s proprietary formulation platform is designed to enable liquid stability of drugs that traditionally require reconstitution before injection. By eliminating the need for on-site mixing and simplifying administration, Xeris aims to improve patient safety, adherence, and convenience in high-need therapeutic areas.

The company’s flagship product, Gvoke, is a ready-to-use liquid glucagon autoinjector and prefilled syringe that has been approved by the U.S.