Xeris Biopharma (NASDAQ:XERS) Shares Down 4.9% - Here's What Happened

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS - Get Free Report) fell 4.9% during mid-day trading on Wednesday . The company traded as low as $4.11 and last traded at $4.17. 311,240 shares were traded during mid-day trading, a decline of 89% from the average session volume of 2,730,946 shares. The stock had previously closed at $4.38.

Wall Street Analysts Forecast Growth

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

Xeris Biopharma Stock Down 2.2 %

The company has a market cap of $618.84 million, a price-to-earnings ratio of -8.93 and a beta of 1.37. The business has a fifty day simple moving average of $4.44 and a 200 day simple moving average of $3.70.

Insiders Place Their Bets

In related news, insider Beth Hecht sold 40,000 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $5.43, for a total value of $217,200.00. Following the completion of the sale, the insider now directly owns 1,353,510 shares of the company's stock, valued at $7,349,559.30. The trade was a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC purchased a new stake in Xeris Biopharma in the 4th quarter worth about $34,000. R Squared Ltd bought a new position in Xeris Biopharma in the 4th quarter valued at $42,000. Cibc World Markets Corp bought a new position in Xeris Biopharma in the 4th quarter valued at $44,000. Raymond James Financial Inc. bought a new stake in shares of Xeris Biopharma during the 4th quarter valued at $45,000. Finally, Two Sigma Advisers LP bought a new position in shares of Xeris Biopharma during the fourth quarter worth $47,000. 42.75% of the stock is currently owned by institutional investors.

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.