Xeris Pharmaceuticals (XERS) spiked 12% in Friday’s after-hours trading after a filing disclosed that Soros Fund Management, LLC holds a 5.3% stake in the company with ~2.5M common shares.
Soros Fund Management was founded in 1969 by 89-year old hedge fund tycoon and billionaire George Soros.
Xeris’s lead product, Gvoke, is a ready-to-use glucagon product for diabetic patients experiencing severe hypoglycemia, which has been approved as a prefilled syringe (PFS) and autoinjector (HypoPen).
The HypoPen was launched on July 1, making it the first ready-to-use glucagon in a premixed autoinjector, with no visible needle.
“We are excited to announce that Gvoke HypoPen is now available. The simplicity and reliability of Gvoke HypoPen has the potential to change people’s ability to confidently respond to a severe hypoglycemic event in a timely manner,” commented CEO Paul R. Edick on the launch.
RBC Capital’s Randall Stanicky has a buy rating on Xeris and $15 price target, writing that Gvoke addresses an important unmet need in a large patient population where current standards of care have significant limitations that have impeded uptake.
Plus he cites the company’s broad pipeline that targets several diseases with limited or no viable treatment options. The pipeline leverages Xeris’ two formulation technology platforms to create non-aqueous formulations of existing drugs.
“Formulation technology platforms can be otherwise leveraged across several therapeutic areas and Xeris is currently working with other companies to assess the feasibility of applying its platform to other products” the analyst adds.
Overall, the stock has a Strong Buy Street consensus, with 4 recent buy ratings. Meanwhile the average analyst price target stands at $12.50 (373% upside potential). (See XERS stock analysis on TipRanks).
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