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Xeris Pharmaceuticals (XERS) Receives New Price Target from Piper Sandler
May 10, 2024 2:14 PM - Tony Dante
Image credit: Google Images
On Friday, May 10, 2024, David Amsellem of Piper Sandler set a new price target for Xeris Pharmaceuticals (NASDAQ:XERS) at $3, as reported by StreetInsider. This new target suggests a significant potential upside of 62.43% from its trading price at the time, which was approximately $1.85. This adjustment in the price target reflects a positive outlook on the company's financial future, despite its recent performance challenges.
Xeris Biopharma, the company behind XERS, reported a quarterly loss of $0.14 per share, which did not meet the expectations set by the Zacks Consensus Estimate of a $0.12 per share loss. This result indicates a slight deterioration in the company's financial health compared to the previous year's loss of $0.12 per share. The earnings surprise of -16.67% for this quarter suggests that the company's losses were larger than what analysts had anticipated. This trend of not meeting earnings expectations has been consistent, as seen in the previous quarter, where the company also reported a larger loss than expected.
Despite these challenges, Xeris Biopharma reported revenues of $40.64 million for the quarter ending March 2024. Although this figure fell short of the Zacks Consensus Estimate by 2.21%, it represents a growth from the previous year's revenues of $33.2 million. This growth in revenue has not been consistent enough to meet or exceed consensus revenue estimates regularly, having only done so twice over the last four quarters. This inconsistency highlights the difficulties Xeris Biopharma faces in achieving steady financial growth.
The company's stock performance reflects these financial challenges. XERS is currently trading at $1.825, experiencing a decrease of approximately 2.93% for the day. The stock has fluctuated between a low of $1.82 and a high of $1.91 during the trading session, indicating volatility in its market value. Over the past year, XERS has seen a high of $3.26 and a low of $1.46, with a market capitalization of around $270.56 million. This volatility and the company's current market position underscore the cautious optimism embedded in Piper Sandler's new price target, suggesting that while there are challenges, there may also be potential for recovery and growth in Xeris Pharmaceuticals' financial outlook.
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