Xeris Pharmaceuticals , Inc. (NASDAQ:XERS) has reached a new 52-week high, with its stock price soaring to $3.65. This milestone reflects a significant uptrend for the company, which has seen an impressive 91.9% increase over the past year, supported by robust revenue growth of 22.7% in the last twelve months. According to InvestingPro data, the company's market capitalization now stands at $541 million. Investors have shown growing confidence in Xeris Pharmaceuticals, responding to the company's strategic initiatives and potential growth in its pharmaceutical developments. The 52-week high serves as a testament to the company's robust performance and market optimism surrounding its future prospects. Analyst targets range up to $6.60 per share, suggesting further upside potential. InvestingPro subscribers can access 7 additional exclusive tips and comprehensive analysis through the Pro Research Report, helping investors make more informed decisions about XERS's growth trajectory.
In other recent news, Xeris Pharmaceuticals has made notable strides in its financial performance. The company announced its ninth consecutive revenue beat and a third revision of its 2024 sales guidance, now set to $198-202 million. The revenue beat was accompanied by a narrower than expected operating loss, marking Xeris Pharmaceuticals' first-ever positive adjusted EBITDA. The company's growth drivers, Recorlev and Gvoke, have exceeded estimates, with Recorlev showing a significant year-over-year patient growth increase.
Additionally, Xeris is nearing clarity on its once-weekly levothyroxine autoinjector (XP-8121), with sales projected to reach $280 million by 2030. However, despite these advancements, Piper Sandler downgraded the company's rating from Overweight to Neutral, citing concerns about Xeris Pharmaceuticals' cost structure.
The company has also posted record-breaking Q3 2024 revenue of over $54 million, a 27% increase from the previous year. This marks the company's 12th consecutive quarter of over 20% product revenue growth, largely attributed to its products Recorlev and Gvoke. These are recent developments and have been noted by various analyst firms without any further upgrades or downgrades to the company's stock.
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