Xeris gains as Oppenheimer highlights drug technology

Xeris Biopharma (NASDAQ:XERS) traded higher on Thursday after Oppenheimer launched its coverage with an Outperform rating and a $5 per share target, citing its drug formulation technologies, XeriSol and XeriJect.

Designed to deliver subcutaneous or intramuscular treatments instead of intravenous infusions, XeriSol and XeriJect allow for convenient, cost-effective drug storage, improving the overall healthcare experience.

Oppenheimer analyst Leland Gershell notes that the company has already attracted partnerships from Regeneron (REGN) and Amgen (AMGN) with its XeriJect formulation, and more deals are likely on the horizon.

Gershell argues that XeriJect has notable benefits compared to a similar technology from Halozyme (HALO).

XERS's experimental therapy, XP-8121, based on XeriSol technology, is designed to overcome some of the key limitations in current hypothyroidism management.

Topline data for XP-8121 in hypothyroidism, expected in mid-2024 from a mid-stage study, "will increase our confidence in this candidate's potential $1B+ sales opportunity and catalyze investor interest," the analyst wrote.