Xeris Pharmaceuticals (XERS) Shares Down 8.7% Following Insider Selling
Xeris Pharmaceuticals Inc (NASDAQ:XERS) shares were down 8.7% during trading on Wednesday following insider selling activity. The stock traded as low as $10.42 and last traded at $10.54. Approximately 529,358 shares traded hands during trading, an increase of 680% from the average daily volume of 67,902 shares. The stock had previously closed at $11.54.
Specifically, insider James E. Flynn sold 114,444 shares of the company’s stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $15.43, for a total value of $1,765,870.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Prestrelski sold 15,720 shares of the company’s stock in a transaction that occurred on Wednesday, December 26th. The shares were sold at an average price of $15.82, for a total value of $248,690.40. The disclosure for this sale can be found here. Insiders sold 159,250 shares of company stock worth $2,452,644 over the last quarter.
A number of research analysts recently commented on XERS shares. Zacks Investment Research cut Xeris Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, January 12th. ValuEngine cut Xeris Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Finally, Mizuho reiterated a “buy” rating and issued a $27.00 price objective on shares of Xeris Pharmaceuticals in a report on Tuesday, December 4th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $23.60.
A number of large investors have recently added to or reduced their stakes in the business. Northern Trust Corp lifted its stake in Xeris Pharmaceuticals by 1.5% during the fourth quarter. Northern Trust Corp now owns 74,423 shares of the company’s stock worth $1,265,000 after purchasing an additional 1,089 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Xeris Pharmaceuticals during the fourth quarter worth $66,000. Bank of New York Mellon Corp lifted its stake in Xeris Pharmaceuticals by 33.7% during the fourth quarter. Bank of New York Mellon Corp now owns 19,941 shares of the company’s stock worth $339,000 after purchasing an additional 5,027 shares in the last quarter. Geode Capital Management LLC lifted its stake in Xeris Pharmaceuticals by 23.0% during the fourth quarter. Geode Capital Management LLC now owns 82,692 shares of the company’s stock worth $1,405,000 after purchasing an additional 15,459 shares in the last quarter. Finally, BlackRock Inc. acquired a new position in Xeris Pharmaceuticals during the second quarter worth $475,000. Institutional investors own 50.48% of the company’s stock.
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About Xeris Pharmaceuticals (NASDAQ:XERS)
Xeris Pharmaceuticals, Inc, a specialty pharmaceutical company, develops and commercializes ready-to-use injectable and infusible drug formulations. Its proprietary XeriSol and XeriJect formulation technologies allow for the subcutaneous and intramuscular delivery of highly-concentrated, ready-to-use formulations of peptides, proteins, antibodies, and small molecules using commercially available syringes, auto-injectors, multi-dose pens, and infusion pumps.
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