Xeris Pharmaceuticals (XERS) PT Raised to $12 at Piper Sandler After Model Update

June 15, 2021 9:20 AM EDT
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Price: $3.23 -1.22%

Rating Summary:
    5 Buy, 0 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 27 | New: 42
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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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