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  • Xeris Biopharma Holdings, Inc. (XERS) Stock Tumbling in Aftermarket, Here’s What you Should Know.

    Xeris Biopharma Holdings, Inc. (XERS) Stock Tumbling in Aftermarket, Here’s What you Should Know.

    Xeris Biopharma Holdings, Inc. (XERS) is an innovative biotherapeutics company. The company is engaged in the development and marketing of treatments for patients with gastroenterological, neurological, and endocrinological issues. The lead product of the company includes Gvoke and Keveyis used for treating severe hypoglycemia and primary periodic paralysis respectively.

    The price of XERS stock during the regular trading on January 28, 2021, was $2.07 with an increase of 3.50%. At last check in the aftermarket, the stock fell by 9.18%.

    XERS: Events and Happenings

    On January 28, 2022, XERS reported about the submission of form 8-K or a report of unscheduled corporate events or material events. On January 18, 2022, XERS reported about the business update and reiterated its 2021 net sales. The initial full-year 2021 net sales were expected to be approximately $76-80 million (55% increase than 2020).

    On Jan. 13, 2022, XERS subsidiary selected PANTHERx Rare as the proprietary pharmacy distributor for Recorlev. It is FDA approved for treating endogenous hypercortisolemia in Cushing’s syndrome patients. On January 6, 2022, XERS reported that the company’s Executives presented at the Virtual H.C. Wainwright BioConnect 2022 conference held on January 10-13, 2022.

    On January 3, 2022, XERS reported about its entry into a contract of securities acquisition of a private placement for net proceeds of up to $30 million. The company issued 10,238,908 shares of its common stock at an acquisition price of $2.93 per share. Also, it issued the warrants for the acquisition of 5,119,454 shares at an exercise price of $3.223 per share.

    On December 30, 2021, XERS reported about the approval of the safety and effectiveness of Recorlev by the FDA. On December 16, 2021, XERS reported about the launch of Ogluo by its marketing collaborator ‘Tetris Pharma’ in the UK.

    XERS: Key Financials

    On November 10, 2021, XERS reported its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows.

    Net Loss per Share

    Basic ad diluted net loss per share in Q3 2021 was $26.0 million or $0.39 compared to $16 million or $0.35 in the same period of 2020.

    Assets

    Total current assets recorded for the company in Q3 2021 were $124.3 million.

    Conclusion

    XERS stock dipped 32% in the last six months due to negative economic growth conditions as a result of COVID-19. The analysts are of the view that the company’s policies to attract investors are sound and will enhance its reputation in the future. The current aftermarket decline in stock price is likely being associated with the 8-K form submission.

  • FDA Approval of Recorlev: Xeris Biopharma Holdings Inc. (XERS) Bullish After Hours

    FDA Approval of Recorlev: Xeris Biopharma Holdings Inc. (XERS) Bullish After Hours

    Xeris Biopharma Holdings Inc. (XERS) became bullish on the news of its Recorlev® receiving FDA approval for Cushing’s syndrome patients. Consequently, the stock was trading at $3.15 apiece with a huge increase of 29.63% in the after-hours.

    During the regular session, the stock fluctuated between a high of $2.63 and a low of $2.42 at 9.28 million shares. XERS closed the session with a decrease of 3.19% at $2.43 on December 30. Following the news, the stock saw a reversal as it became bullish after hours, gaining big at 6.01M shares.

    Xeris Biopharma Holdings Inc. has a market capitalization of $313.02 million. Currently, the company has 124.71 million shares outstanding in the market.

    XERS’ FDA Approval of Recorlev

    Recorlev® or Levoketoconzaole is a new therapeutic option for the management of endogenous Cushing’s syndrome patients. It is a severe and potentially life-threatening rare disease. It is caused by chronic elevated cortisol exposure, usually due to a pituitary gland benign tumor. Moreover, it causes multisystem complications like diabetes, high cholesterol, and B.P, the fragility of multiple tissues including blood vessels, skin, muscle, and bone, and psychological disorders as well.

    On Thursday, XERS disclosed that the U.S FDA has approved Recorlev® (levokeyoconazole). Further, it is approved for treating endogenous hypercortisolemia in Cushing’s syndrome’s adult patients with no option of surgery or noncurative surgery.

    In addition, the basis of the approval was the safety and efficacy data of Recorlev® from two Phase 3 studies of a total of 166 patients. Both the studies achieved their primary as well as key secondary endpoints. Moreover, the studies also resulted in a significant decrease in the mean urinary free cortisol concentrations without a dose increase. Hence, treatment with Recorlev® causes reduction and normalization of cortisol levels.

    Financial Analysis

    On November 10, the company announced its financial results for the third quarter of 2021, which ended on September 30.

    In the third quarter of 2021, XERS’s net sales of Gvoke HypoPen® and Gvoke pre-filled syringe were $11.0 million. This compares to $9.4 million in the third quarter of 2020.

    Moreover, the cost of goods sold in the third quarter of 2021, was $3.2 million.

    Furthermore, the company incurred a net loss of $26.0 million in the third quarter of 2021. Consequently, the net loss per basic and diluted shares in the third quarter of 2021, was $0.39. This includes transaction-related expenses of $2.3 million or $0.03 per share.