Xeris Pharmaceuticals (XERS) PT Raised to $12 at Piper Sandler After Model Update
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Piper Sandler analyst David Amsellem raised the price target on Xeris Pharmaceuticals (NASDAQ: XERS) to $12.00 (from $11.00) after updating the model to reflect the recent planned merger with Strongbridge Biopharma (NASDAQ: SBBP) and additional information regarding the key product opportunity Recorlev (levoketoconazole) for Cushing syndrome (CS) (FDA action on the NDA filing expected by 1/1/22).
The analyst reiterated an Overweight rating, stating "We believe that Recorlev can gain meaningful traction in the CS setting (SBBP believes peak U.S. sales of $250M-$350M are realistic; see below for more details on our thinking). Given that backdrop, along with our continued view that XERS’ Gvoke is likely to reach critical mass as a valued option for severe hypoglycemia “rescue” (peak U.S. sales of $250M+), XERS in our view remains attractively valued in the context of a pro forma market cap of ~$490M."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesDefinitive Agreement, FDA
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